Full text of Economic Indicators : April 1988
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100th Congress, 2d Session
Economic Indicators
APRIL 1988
(Includes data available as of May 3, 1988)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1988
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
J. ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the first quarter of 1988, according to preliminary estimates, current-dollar gross national product (GNP) rose
4.7 percent (annual rate) or $53.5 billion. Real GNP (GNP adjusted for price changes) rose 2.3 percent and the
implicit price deflator rose 2.4 percent.
BILLIOr-is
OF DOLLAR:
B LLIONS OF DO LLARS (RATIO J CALE)
(RATIO SCALE )
4, BOO!
SEASONALLY ADJUSTED ANNUAL R «ES
^_^
4,800
_-
—
n^i
.-
4,400
S^^
4400
—
GNP
IN CUR RENT DOLLAR 5^^,
4,000
—
4000
^
____,_.
^ •»•»"• *~ "•*"
3,600
|3,600i
^^r.
GNP
/^*'^
,3,200
~--^^-f^.~
r=^
13,200
N 1982DOLLA RS
^~
/"^
!2,800
2,800
^
2,4001
: 2,400
2,000
,^,000
1
1 1
1980
1 ! 1
\
1981
\
\
1982
1
1
1
1
1983
1
1
1984
1
1
1
1 1 1
1
1986|
1985
1
1
1987
1
1
1
1988
COUNCIL OF ECONOMIC ADVISER
SOURCE: DEPARTMENT OF COMMERCE
s
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Government purcl ases of
goo Is and senices
Exports ind imports of goods
ind service
Final
Federal
Net
exports
Exports
Imports
Total
National
defense
Nondefense
and
1980
1981
1982
1983
1984
1985
1986
1987
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,010.3
4,235.0
4,488.5
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,967.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
717.5
32.1
33.9
26.3
-6.1
58.9
— 79.2
105.5
-119.6
351.0
382.8
361.9
352.5
383.5
369.9
376.2
427.8
318.9
348.9
335.6
358.7
442.4
449.2
481.7
547.4
530.3
588.1
641.7
675.0
735.9
818.6
869.7
922.8
208.1
242.2
272.7
283.5
310.5
353.9
366.2
379.4
142.7
167.5
193.8
214.4
234.3
259.3
277.8
295.2
65.4
74.8
78.9
69.1
76.2
94.6
88,4
84.2
322.2
345.9
369.0
391.5
425.3
464.7
503.5
543.4
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,000.3
4,219.3
4,442.5
1982: IV
1983: IV
1984: IV
3,212.5
3,545.8
3,851.8
2,117.0
2,315.8
2,493.4
409.6
579.8
661.8
14.1
25.8
-67.9
335.9
364.7
385.7
321.9
390.5
453.6
671.8
676.1
764.5
293.2
276.1
326.0
205.4
221.5
244.1
87.7
54.6
81.9
378.7
400.0
438.5
3,272.4
3,514.8
3,806.8
1985: m
IV
4,042.0
4,104.4
4,174.4
4,211.6
4,265.9
4,288.1
2,665.4
2,700.1
628.6
650.8
84.7
- 103.5
364.2
368.7
448.9
472.2
832.8
857.0
361.9
378.0
265.1
268.2
96.8
109.8
4,044.4
4,101.9
2,737.9
2,765.8
2,837.1
2,858.6
683.4
679.4
660.8
660.2
-93.8
100.8
-110.5
116.9
373.5
371.3
376.6
383.3
467.3
472.1
487.1
500.2
846.9
867.2
878.5
886.3
356.7
368.4
371.2
368.6
266.6
278.2
287.6
279.0
90.1
90.2
83.6
89.6
470.9
479.0
490.2
498.8
507.3
517.7
4,136.1
4,184.0
4,262.4
4,294.6
n
m
IV
4,377.7
4,445.1
4,524.0
4,607.4
699.9
702.6
707.4
760.2
112.2
-118.4
-123.7
124.3
397.3
416.5
439.2
458.1
509.5
534.8
562.9
582.4
896.2
917.1
929.0
948.8
366.9
379.6
382.1
388.9
287.5
294.5
299.0
299.8
79.4
85.1
83.0
89.2
529.3
537.6
546.9
559.9
4,326.0
4,404.8
4,501.1
4,537.9
1988: I "
4,660.9
2,893.8
2,943.7
3,011.3
3,022.6
3,068.7
761.9
-115.4
470.6
586.0
945.6
376.8
297.7
79.1
568.9
4,603.9
1986: I
n
m
rv
1987: I
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross privat e
dome stic investinent
Export s and imp jrts of
gooi s and senices
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Govern![nent purch ases of
gooe s and senices
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
1980
1981
1982
1983
1984
1985
1986
1987
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,607.5
3,713.3
3,821.0
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,352.6
2,450.5
2,497.2
379.2
395.2
366.7
361.2
425.2
454.1
443.8
448.3
137.0
126.5
105.1
149.3
170.9
174.6
196.4
196.4
-6.9
23.9
-24.5
6.4
62.3
7.4
13.8
42.9
57.0
49.4
26.3
19.9
-84.0
108.2
- 145.8
-135.5
388.9
392.7
361.9
348.1
371.8
365.3
377.4
425.8
332.0
343.4
335.6
368.1
455.8
473.6
523.2
561.3
620.5
629.7
641.7
649.0
677.7
726.9
754.5
771.7
246.9
259.6
272.7
275.1
290.8
324.2
332.5
336.0
171.2
180.3
193.8
206.9
218.5
236.7
250.7
264.2
75.7
79.3
78.9
68.2
72.3
87.5
81.8
71.7
373.6
370.1
369.0
373.9
387.0
402.7
422.1
435.8
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,600.1
3,699.5
3,778.1
1982: IV
1983: IV
1984: IV
3,159.3
3,365.1
3,535.2
2,078.7
2,191.9
2,281.1
352.3
390.4
444.4
115.8
159.9
169.6
-59.3
27.0
41.7
11.7
-46.2
-94.8
336.0
355.5
376.6
324.3
401.6
471.4
660.1
642.2
693.2
289.5
266.0
300.5
201.4
211.6
225.3
88.2
54.4
75.2
370.6
376.2
392.7
3,218.6
3,338.1
3,493.5
1985: m
3,623.0
3,650.9
2,376.1
2,383.2
454.1
465.2
174.9
179.7
-5.7
-1.6
-114.9
-129.3
360.5
366.5
475.4
495.8
738.6
753.7
332.5
345.3
243.3
241.1
89.3
104.2
406.1
408.4
3,628.7
3,652.5
1986: I
3,698.8
3,704.7
3,718.0
3,731.5
2,409.7
2,434.3
2,477.5
2,480.5
453.2
441.0
437.7
443.2
185.9
196.5
201.1
202.2
35.3
28.1
6.1
-14.4
-123.0
-146.8
-161.6
-151.8
371.5
370.2
379.6
388.3
494.4
517.0
541.2
540.1
737.6
751.6
757.2
771.8
322.1
330.6
332.6
344.6
240.0
250.1
259.8
252.7
82.0
80.4
72.8
91.9
415.5
421.0
424.6
427.1
3,663.4
3,676.7
3,711.9
3,745.8
1987: I
n
m
IV
3,772.2
3,795.3
3,835.9
3,880.8
2,475.9
2,487.5
2,520.7
2,504.6
426.0
437.9
463.8
465.6
198.2
196.8
193.5
197.0
47.6
39.0
24.6
60.5
-135.2
-132.7
-138.4
-135.8
397.8
414.5
437.1
453.5
533.0
547.2
575.6
589.3
759.6
766.7
771.7
788.9
327.3
332.6
336.3
347.6
257.4
263.5
268.3
267.7
69.9
69.1
67.9
80.0
432.3
434.1
435.4
441.3
3,724.5
3,756.3
3,811.4
3,820.3
1988: I"
3,902.6
2,528.2
488.3
192.2
57.9
-132.2
464.6
596.8
768.3
325.3
261.8
63.5
442.9
3,844.7
rv
n
m
rv
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982—100; quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
Period
national
product
Gross private
domestic iinvestment
Exports an [ imports of
goods an . services
Gove rnment pure bases of goc ds and
serpices
Federal
Total
Durable
goods
Nondurable goods
Services
dential
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
1980
1981
1982
1983
1984
1985
1986
1987
85.7
94.0
100.0
103.9
107.7
111.2
114.1
117.5
86.6
94.6
100.0
104.1
108.1
111.8
114.3
118.8
89.2
95.7
100.0
102.1
103.8
104.5
104.9
106.6
89.4
96.9
100.0
102.1
105.0
107.5
107.1
111.9
83.9
92.6
100.0
106.2
111.6
117.1
122.5
127.6
85.1
93.4
100.0
98.8
97.9
97.5
98.5
98.9
89.4
96.6
100.0
102.2
106.0
108.2
111.1
116.1
90.2
97.5
100.0
101.3
103.2
101.3
99.7
100.5
96.0
101.6
100.0
97.4
97.1
94.8
92.1
97.5
84.3
93.3
100.0
103.1
106.8
109.2
110.2
112.9
83.4
92.9
100.0
103.6
107.2
109.5
110.8
111.7
86.4
94.3
100.0
101.4
105.5
108.1
108.1
117.3
86.2
93.4
100.0
104.7
109.9
115.4
119.3
124.7
1982: IV
1983: IV
1984: IV
101.7
105.4
109.0
101.8
105.7
109.3
100.7
103.1
104.1
101.0
103.1
105.8
102.7
108.3
113.5
99.1
103.1
107.2
100.0
102.6
102.4
99.3
97.2
96.2
101.3
103.8
108.5
102.0
104.7
108.3
99.5
100.3
108.9
102.2
106.3
111.7
1985: m
IV
111.6
112.4
112.2
113.3
104.6
104.3
107.6
108.6
118.0
119.4
100.7
98.3
97.9
97.3
97.1
108.0
109.5
101.0
100.6
94.4
95.2
108.8
109.5
109.0
111.2
108.4
105.4
116.0
117.3
1986: I
112.9
113.7
114.7
114.9
113.6
113.6
114.5
115.2
104.5
104.6
105.4
105.2
107.8
106.2
106.8
107.5
120.7
122.0
123.3
124.3
97.2
98.4
99.0
99.2
110.0
111.0
111.3
112.2
100.6
100.3
99.2
98.7
94.5
91.3
90.0
92.6
110.7
111.4
111.6
107.0
111.1
111.2
110.7
110.4
109.8
112.2
115.0
97.5
118.0
118.5
119.5
121.2
1987: I
116.1
117.1
117.9
118.7
116.9
118.3
119.5
120.7
105.4
106.1
107.4
107.4
109.8
111.7
112.6
113.6
125.5
126.9
128.3
129.8
99.3
99.2
98.4
98.7
113.7
115.7
117.8
117.4
99.9
100.5
100.5
101.0
95.6
97.7
97.8
98.8
112.1
114.1
113.6
111.9
111.7
111.8
111.4
112.0
113.6
123.1
122.2
111.5
122.4
123.8
125.6
126.9
1988: I"
119.4
121.4
107.5
113.7
131.1
97.7
118.5
101.3
98.2
115.8
113.7
124.5
128.4
n
m
rv
n
m....
rv
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gro ss national prctduet
Period
Constant
(1982)
dollars
Current
dollars
1980
8.9
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
11.7
-0.2
1.9
2.5
3.6
6.8
3.0
2.9
2.9
.6
7.3
1.7
4.1
3.1
5.4
.6
1.4
1.5
4.4
2.5
4.3
4.8
2.3
3.7
7.6
10.8
6.3
5.6
6.0
4.2
IV
IV
IV
m
IV
1986: I
12.4
4.7
7.1
6.3
7.0
3.6
5.3
2.1
8.6
6.3
7.3
7.6
4.7
n
m
IV
1987: I
n
in
IV
1988: I"
Implicit
price
deflator
9.0
9.7
6.4
3.9
3.7
3.2
2.6
3.0
3.6
4.7
3.0
2.9
2.9
1.8
2.9
3.6
.1
4.2
3.5
2.8
2.7
2.4
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Personal consumption ea penditures
Fkedweightcd
price index
(1982
weights)
Chain price
index
10.6
10.5
9.3
9.3
6.2
4.1
4.0
3.6
2.7
3.4
4.0
4.0
3.2
2.9
3.4
2.2
2.2
2.6
2.3
4.5
4.1
3.4
3.6
3.7
9.0
9.4
6.3
4.1
3.9
3.5
2.4
3.2
4.1
3.9
3.1
2.8
3.4
1.7
1.9
2.6
2.0
4.2
3.7
3.3
3.1
3.5
Constant
(1982)
dollars
Current
dollars
Implicit
price
deflator
-0.2
1.2
1.3
4.6
4.8
4.6
4.2
1.9
5.3
5.5
4.3
6.9
1.2
4.5
4.1
7.3
.5
.7
1.9
5.4
7.1
9.0
8.8
8.2
6.5
6.0
10.3
9.7
7.2
10.1
5.3
5.7
4.1
10.7
3.1
5.0
7.1
9.5
1.5
6.2
-2.5
3.8
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.4
2.2
3.9
4.4
4.3
3.0
3.3
4.0
1.1
.0
3.2
2.5
6.0
4.9
4.1
4.1
2.3
Pbtedweighted
price index
(1982
weights)
10.9
10.5
9.2
5.7
4.2
3.9
3.6
2.5
4.1
4.8
4.1
3.1
3.2
4.2
1.5
.3
3.6
3.0
5.5
5.2
4.0
4.0
2.6
9.0
5.6
4.2
4.0
3.7
2.6
4.2
4.8
4.1
3.2
3.3
4.2
1.7
.3
3.6
3.0
5.7
5.2
4.0
4.2
2.7
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curren t-dollar cos t and profit per unit o : output (deliars) 1
Gross <3 omestic
produ ct of
nonfin ancial
corporate business
(billions o f dollars)
Period
Corp irate profits with
inventory valuation and capital
consun\ption adjvis tmente
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Profits
tax
liability
Profits
after
tax*
Output
per how
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
Current
1982
1980
1981
1982
1983
1984
1985
1986
1987 r.
1982: IV
1983: W
1984: IV
1985: m
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,282.8
2,376.1
2,493.8
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,127.1
2,182.2
2,239.0
0.852
.946
1.000
1.026
1.054
1.073
1.089
1.114
0.095
.109
.125
.123
.118
.119
.121
.123
0.077
.090
.094
.098
.100
.103
.104
.106
0.581
.632
.676
.679
.687
.702
.715
.728
0.031
.037
.043
.037
.039
.043
.045
.047
0.068
.078
.063
.089
.109
.107
.103
.109
0.037
.035
.026
.032
.036
.033
.036
.048
0.031
.044
.037
.057
.073
.074
.068
.061
17.096
17.194
17.318
17.867
18.288
18.674
18.969
19.017
9.939
10.861
11.699
12.124
12.570
13.103
13.566
13.850
1,779.4
2,012.5
2,201.8
1,760.2
1,940.5
2,069.5
1.011
LOST
1.064
.131
.120
.118
.096
.098
.102
.685
.680
.694
.042
.031
.042
.057
.103
.107
.023
.036
.032
.034
.088
.075
17.382
18.029
18.359
11.914
12.261
12.746
2,312.4
2,321.8
2,148.7
2,153.5
1.076
1.078
.118
.120
.102
.103
.699
.709
.043
.044
.114
.103
.034
.033
.080
.070
18.849
18.787
13.173
13.324
1986: I
n
m
2,353.3
2,358.6
2,387.7
2,404.7
2,176.7
2,171.9
2,180.8
2,199.3
1.081
1.086
1.095
1.093
.119
.121
.122
.123
.104
.101
.106
.104
.709
.714
.717
.720
.045
.046
.046
.045
.104
.104
.104
.102
.033
.034
.037
.040
.071
.069
.068
.062
18.941
18.930
18.974
19.073
13.437
13.525
13.608
13.724
n
mr
iv
2,434.8
2,465.4
2,521.1
2,554.0
2,207.6
2,219.9
2,254.4
2,274.1
1.103
1.111
1.118
1.123
.123
.124
.123
.123
.105
.107
.107
.107
.724
.728
.727
.735
.045
.046
.048
.049
.106
,106
.114
.110
.045
.047
.051
.049
.061
.059
.063
.060
18.933
18.964
19.119
19.070
13.708
13.798
13.897
14.009
rv
IV
1987: I
1
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect
4
Total
business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprieto s' income
with in ventory
valuation md capital
consulnption
adjust ments
Farm
1982
1983
1984
1985
1986
1987 '
1982:
1983:
1984:
1985:
2,518.4
2,719.5
3,028.6
3,229.9
3,422.0
3,636.0
2,548.2
2,851.5
3,096.1
3,254.4
3,304.4
3,364.2
3,414.1
3,438.7
3,471.0
3,548.3
3,593.3
3,659.0
3,743.5
IV
IV
IV
HI
IV
1986: I
n
in
IV
1987: I
n
m
IV
1988: I p
1
Kental
income of
persons
with
capital
Nonfarm
tion
adjustment
1,907.0
2,020.7
2,213.9
2,370.8
2,504.9
2,647.6
1,931.1
2,092.7
2,272.7
2,386.3
2,430.5
2,464.8
2,487.6
2,515.1
2,552.0
2,589.9
2,623.4
2,663.5
2,713.5
24.6
12.4
30.5
29.7
37.2
48.4
28.5
19.3
28.1
22.9
31.7
28.0
48.1
36.3
36.6
51.3
47.3
40.6
54.3
150.9
178.4
204.0
227.6
252.6
279.0
159.8
188.6
209.7
229.5
236.3
242.8
250.1
256.2
261.2
269.7
275.8
282.1
288.4
13.6
13.2
8.5
9.0
16.7
19.3
15.8
12.4
5.6
9.3
10.1
14.0
17.4
17.2
18.4
20.0
18.9
17.3
20.9
2,762.4
44.1
292.6
21.1
Includes employer contributions for social insurance. (See also p. 5.)
Corpora ,e profits wi ti inventory valuation an [ capital
consulnption adjust ments
Profits with inventory valuation
adjustmei it and witho at capital
consu:mption adjus tment
Total
Profits
before tax
150.0
213.7
266.9
277.6
284.4
304.7
146.1
248.5
266.9
292.8
277.8
288.0
282.3
286.4
281.1
294.0
296.8
314.9
313.0
159.2
196.7
234.2
224.1
238.4
256.5
150.7
223.4
224.6
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
267.3
264.3
Inventory
valuation
adjustment
169.6
207.6
240.0
224.8
231.9
274.1
164.1
231.5
226.1
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
284.9
285.6
Capital
consumption
Net
interest
7
6.5
-17.5
-13.4
8.1
-1.6
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
20.0
-17.6
21.3
-9.2
17.0
32.7
53.5
46.0
48.2
-4.5
25.1
42.3
56.0
54.2
51.3
46.7
44.0
42.1
48.2
48.0
47.7
48.7
272.3
281.0
304.8
315.3
326.1
337.1
266.9
290.2
313.1
313.7
317.9
326.6
328.7
327.5
321.7
323.6
331.1
340.6
353.3
15.9
45.9
356.2
-10.4
-10.9
-5.8
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Non durable g sods
Durabl 3 goods
Period
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
IV
IV
IV
DJ
IV
1986: I
n
in
rv
1987: I
n
m
rv
1988: I f
conexpendiures
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,967.8
2,117.0
2,315.8
2,493.4
2,665.4
2,700.1
2,737.9
2,765.8
2,837.1
2,858.6
2,893.8
2,943.7
3,011.3
3,022.6
252.7
289.1
335.5
368.7
402.4
413.7
263.8
310.0
346.7
383.7
370.5
375.9
386.4
427.6
419.8
396.1
409.0
436.8
413.0
108.9
130.4
157.4
177.6
194.9
193.9
115.7
144.4
162.3
191.9
174.1
177.4
184.2
217,0
201.2
177.6
189.6
215.2
193.3
3,068.7
425.7
201.4
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Total
durable
goods
Furniture
and
household
equipment
Other
durable
goo s
Food
Clothing and
shoes
Gasoline
and oil
Serv-
Retail sales of
new pa ssenger
cars (nu llions of
units)
Other
Domestics
Imports
99.1
112.4
122.7
129.5
133.5
134.7
138.3
142.9
143.8
146.0
146.0
147.9
146.8
48.1
51.6
59.3
62.4
67.6
73.1
49.0
53.2
61.8
62.4
62.9
63.8
64.0
67.8
74.8
72.5
73.5
73.7
72.9
771.0
816.7
867.3
913.1
939.4
982.9
786.6
837.9
879.6
918.4
929.3
936.8
934.3
940.0
946.3
969.9
982.1
986.4
993.1
398.8
421.9
448.5
472.8
497.8
515.8
407.0
430.8
456.1
474.9
481.7
489.4
494.7
499.6
507.5
514.8
515.0
514.0
519.3
124.4
135.1
146.7
157.2
167.5
177.0
126.5
141.1
149.8
158.8
160.9
163.4
167.2
169.8
169.6
174.0
175.8
178.7
179.6
89.1
90.2
90.0
92.6
75.3
80.3
89.8
91.9
89.0
93.5
92.1
87.7
74.4
70.6
68.4
75.8
80.6
82.7
82.1
158.7
169.5
182.1
190.5
198.8
209.7
163.4
174.0
184.7
191.2
194.5
196.3
198.0
200.0
200.8
205.3
210.7
211.0
212.0
1,027.0
1,128.7
1,227.6
1,347.5
1,458.0
1,571.2
1,066.5
1,167.9
1,267.1
1,363.3
1,400.3
1,425.2
1,445.1
1,469.5
1,492.4
1,527.7
1,552.6
1,588.1
1,616.5
5.8
6.8
8.0
8.2
8.2
7.1
6.0
7.4
7.7
9.3
7.1
7.7
7.9
9.5
7.8
6.7
7.0
8.0
6.7
2.2
2.4
2.4
2.8
3.2
3.2
2.5
2.6
2.6
3.0
3.2
2.9
3.1
3.5
3.5
2.8
3.0
3.6
3.3
151.1
73.3
993.9
520.7
177.2
81.0
215.0
1,649.0
7.6
3.1
95.7
107.1
118.8
128.7
139.9
14:6.7
SOURCES OF PERSONAL INCOME
Personal income rose $29.6 billion (annual rate) in March, following a rise of $22.2 billion in February. The
changes reflect several special factors: Profit-sharing payments to employees in the motor vehicle industry and a
large increase in retroactive social security benefit payments affected the March change; subsidy payments to
farmers affected both the March and February changes. Excluding these special factors, personal income increased
$8.9 billion in March and $18.7 billion in February.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,200
4,200
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
1980
1982
1981
1983
1984
1985
1986
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1987
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
Total
personal
income
Proprietors '
Wage and
come
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
3,746.5
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,974.9
2,089.1
2,212.7
1987:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3,683.4
3,701.9
3,708.5
3,715.3
3,739.2
3,760.6
3,783.2
3,854.4
3,839.8
3,869.1
2,173.1
2,181.5
2,193.7
2,198.9
2,209.7
2,228.8
2,239.8
2,257.6
2,271.9
2,281.1
1988:
Jan r.
Feb r.
Mar"
3,872.5
3,894.7
3,924.3
2,293.3
2,306.9
2,319.2
138.4
150.3
163.6
173.6
182.9
192.3
201.1
210.2
207.4
210.0
209.0
209.6
210.4
211.1
211.9
212.7
213.5
214.4
214.9
215.4
215.9
Farm
20.5
30.7
24.6
12.4
30.5
29.7
37.2
48.4
55.6
58.0
41.6
42.3
43.9
37.7
40.2
77.5
37.5
47.9
38.9
42.4
51.0
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
income 3
Personal
interest
income
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 8
Rental
income of
persons 4
Personal
dividend
income
160.1
156.1
150.9
178.4
204.0
227.6
252.6
279.0
6.6
13.3
13.6
13.2
8.5
9.0
16.7
19.3
52.9
61.3
63.9
68.7
75.5
76.3
81.2
87.5
271.9
335.4
369.7
393.1
444.7
476.5
497.6
516.2
324.7
368.1
410.6
442.6
456.6
489.7
518.3
543.1
88.6
104.5
112.3
120.1
132.7
148.9
159.6
169.9
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,273.5
3,475.2
3,676.6
273.2
274.1
275.8
277.7
279.9
282.8
283.6
286.0
289.1
290.2
20.4
19.7
18.9
18.2
17.8
17.3
16.7
19.1
21.3
22.5
85.0
85.3
86.5
87.0
87.9
88.8
89.4
90.0
90.5
91.0
501.6
503.8
506.3
508.8
514.0
519.8
526.2
533.0
538.9
544.5
534.3
537.3
545.4
541.7
545.2
545.2
547.0
551.4
550.8
551.8
167.3
167.7
168.6
168.9
169.6
170.8
171.6
172.8
173.7
174.3
3,607.2
3,622.8
3,645.1
3,651.2
3,673.5
3,701.1
3,721.1
3,755.0
3,780.4
3,799.2
299.0
292.0
295.8
21.9
21.1
20.3
91.4
92.2
92.6
545.3
545.9
546.3
565.3
568.3
573.6
188.4
189.5
190.4
3,811.7
3,830.3
3,851.2
Nonfarm
4
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
8
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the first quarter of 1988.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
3,800
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
3,800
3,400
,800
1,400
DOLLARS * (RATIO SCALE)
16,000
PER CAPITA DISPOSABLE PE RSONAL INCO ME
1,400
DOLLARS * (RATIO SCALE)
16,000
14,000
14,000
^
CLJRRENT DOLLA RS
12,000
10,000
p____j__— -=-- .
^-<1
,_---"~~
.
12,000
-
...
\^.~
5-
.
1
10,000
\
1982 DOLLARS
__^'
8,000
8,000
1
6,000
I
!
1
1980
I
!
1981
1
1
1
1982
1
1
1
!
1
1
1984
1983
1
1
1
1
1985
1
!
1986
1
1
1
198!?
1
1
6,000
1
1988
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Disposable
personal
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays 1
Equals:
Personal
saving
Per c Eipita
disposable personal
Disposable
personal
income in
inc me
1982
C
nt
dollars
dollars
(billions)
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
3,746.5
1981
1982
1983
1984
1985
1986
1987
340.5
393.3
409.3
410.5
440.2
485.9
512.2
564.8
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,841.1
3,022.1
3,181.7
Current
dollars
1982
dollars
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,714.1
2,891.5
3,062.7
136.8
159.4
153.9
130.6
164.1
127.1
130.6
119.0
2,214.3
8,421
2,248.6
2,261.5
2,331.9
2,469.8
2,542.2
2,645.1
2,677.2
9,243
9,724
10,340
11,257
11,872
12,508
13,050
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands)2
PerceiIt
Dolla rs
Billio us of dollars
1980
1982
dollars
Per capitji personal
consulnption
expen [itures
9,722
9,769
9,724
9,930
10,419
10,622
10,947
10,980
7,607
8,320
8,818
9,515
10,253
10,987
11,588
12,172
8,783
8,794
8,818
9,139
9,489
9,830
10,142
10,242
-1.1
9,749
10,151
10,491
10,592
10,679
10,842
11,024
10,968
10,956
11,008
10,865
10,958
11,090
11,151
9,068
9,825
10,479
11,124
11,239
11,371
11,461
11,729
11,789
11,910
12,090
12,337
12,352
8,904
9,299
9,587
9,916
9,920
10,008
10,088
10,242
10,229
10,190
10,216
10,327
10,235
10,307
1.2
9.1
1.7
-4.2
3.3
6.2
6.9
-2.0
-.4
.5
-.5
2.1
4.9
1.9
3.1
.3
7.1
7.5
6.8
5.4
6.1
4.5
4.3
3.7
227,75'
6.2
5.8
5.8
3.4
4.1
233,466
235,707
237,946
239,618
240,246
240,782
241,313
241,896
242,489
242,971
243,480
244,094
244,703
245,297
230,185
232,549
234,829
237,051
239,323
241,620
243,812
£ easonally adjusted am ual rates
1982:
1983:
1984:
1985:
IV
IV
IV
HI....
IV
1986: I
n
m....
IV
1987: I
n
m....
IV
1988: I"
2,729.2
2,941.8
3,188.3
3,338.2
3,406.4
3,463.4
3,526.6
3,553.6
3,593.6
3,662.0
3,708.6
3,761.0
3,854.4
3,897.2
411.1
413.9
459.7
491.0
499.7
497.4
504.2
515.3
532.0
536.1
578.0
565.7
579.4
577.0
2,318.1
2,527.9
2,728.6
2,847.2
2,906.6
2,966.0
3,022.4
3,038.2
3,061.6
3,125.9
3,130.6
3,195.3
3,275.0
3,320.2
2,174.9
2,382.5
2,571.3
2,751.5
2,788.1
2,827.6
2,856.4
2,929.4
2,952.6
2,987.5
3,037.4
3,106.5
3,119.3
3,167.1
143.1
145.4
157.3
95.7
118.5
138.4
166.0
108.9
109.0
138.4
93.2
88.8
155.7
153.1
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
9,929
10,725
11,467
11,882
12,099
12,318
12,525
12,560
12,626
12,865
12,858
13,090
13,384
13,536
2,276.1
2,392.7
2,496.3
2,538.2
2,565.5
2,610.5
2,660.2
2,653.2
2,656.7
2,674.6
2,645.5
2,674.7
2,713.8
2,735.4
2
12,510
1.9
-5.1
3.5
4.9
2.2
4.7
5.5
3.6
3.6
4.4
3.0
2.8
4.8
4.6
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1987, according to revised estimates, gross farm income rose $6.0 billion (annual rate) and
net farm income rose $5.2 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
240
200
160
—-^
1
—
^~^^__^—^^/r S=S= ^——
...
120
--^N
160
GRC SS FARM 1NCC>ME
120
80
60
-. *• ""N
'\
40
,.
/
~\
j
*«.
1
20
'"\ '
\/
\
t
.
s \
.
V*
1
1
\
,
\
1
*
/
*
1
" — -/'
\
/
v /
\i
"
\
^
\x
1
1
1
1
10
X
t
;V
*
/"
20
NET FARM INC OME
A i
\ . \ •
\/ i ,
10
V|
t
, 1
\1
!
1980
1
1
1
1
1
J 1 1
1982
1981
1
1983
1
1985
1984
1
1
1
I
1986
* SEASONALLY ADJUSTED ANNUAL RATES
1
1
1
1987
i
S 1
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come
(jross farm
Period
Cas h
Total
1980
1981
1982
1983
1984
1985
1986
1987 r
1985: I
n
m
IV
1986: I
n
m
IV
1987: I rr
nr
m
rv *
:.....
Net farni
marketing rece ipts
1
149.3
166.3
163.5
153.1
174.7
166.0
159.5
164.3
168.5
164.0
159.5
172.1
149.8
168.8
154.7
164.8
163.8
166.5
160.4
166.4
Total
139.7
141.6
142.6
136.6
142.3
144.2
135.2
135.6
137.9
138.0
144.8
156.1
134.4
130.6
135.0
140.7
127.7
142.3
142.4
130.1
Livestock and
products
68.0
69.2
70.3
69.4
72.9
69.8
71.6
74.7
69.9
69.0
68.9
71.4
68.3
66.8
77.8
73.3
72.5
74.0
79.9
72.4
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income,
and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
of farm ope rators from farm ng
incom e
Crops
71.7
72.5
72.3
67.1
69.4
74.4
63.6
60.9
68.0
68.9
76.0
84.7
66.0
63.8
57.2
67.4
55.2
68.3
62.5
57.7
inventory
changes 3
-6.3
6.5
-1.4
-10.9
6.2
-2.7
-3.3
-3.0
1.1
-2.4
-4.2
-5.1
-4.2
3.5
-3.0
-2.4
-3.4
-3.5
-3.0
-2.0
Production
expenses
133.1
139.4
140.0
140.4
142.7
133.7
122.1
119.9
138.3
135.3
132.2
129.0
125.7
122.9
120.6
119.0
119.4
119.5
119.9
120.7
Current
dollars
16.1
26.9
23.5
12.7
32.0
32.3
37.5
44.4
30.2
28.7
27.3
43.1
24.1
45.9
34.2
45.8
44.4
47.0
40.5
45.7
3
Income in current dollars divided hy the GNP implicit price deflator.
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
income
1982 dollars 3
18.8
28.6
23.5
12.2
29.7
29.0
32.9
37.8
27.5
25.9
24.5
38.4
21.4
40.3
29.8
39.9
38.2
40.2
34.4
38.5
CORPORATE PROFITS
In the fourth quarter of 1987, according to revised estimates, corporate profits before tax rose $0.7 billion (annual
rate) and after-tax profits rose $3.7 billion.
BILLIONS OF DOLLARS
320
BILLIONS OF DOLLARS
320
280
120
120
80
80
40
40
1987
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr jfits (before t ax) with inve ntory valuati on adjustmen t 1
F rofits after t£IX
Do mestic indust ries
Period
Nonfinancial
Total 2
Total
Financial
Total 3
Manufacturing
Profits
before tax
Tax
liability
237.1
226.5
169.6
84.8
81.1
63.1
77.2
93.9
96.7
105.0
136.3
59.8
88.1
87.0
100.5
99.1
98.1
102.1
106.1
113.9
128.0
134.2
143.0
140.0
Total
Dividends
sale and
retail
Undistributed
profits
Inventory
valuation
adjustment
trade
1980
1981
1982
1983
1984
1985
1986
1987 r
1982:
1983:
1984:
1985:
IV
IV
IV
HI
IV
1986: I,.
n
m
IV
1987: I
n
mT
IV
1988:
1
2
194.0
202.3
159.2
196.7
234.2
224.1
238.4
256.5
150.7
223.4
224.6
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
267.3
264.3
159.6
173.8
131.2
166.6
203.3
193.6
207.2
222.5
121.6
190.7
193.9
208.3
189.7
202.3
207.0
210.2
209.3
213.1
215.8
235.4
225.6
21.0
138.6
16.5
11.8
18.1
13.0
18.4
26.1
27.0
18.7
15.5
13.6
18.4
20.8
26.2
26.9
25.2
26.1
27.6
27.8
27.0
25.5
157.3
119.4
148.5
190.3
175.2
181.1
195.5
102.9
175.2
180.3
189.9
168.9
176.2
180.0
185.1
183.2
185.5
188.0
208.4
200.1
77.1
88.5
58.0
70.1
88.8
72.2
69.4
88.6
46.8
88.6
79.8
80.1
72.4
61.9
72.5
68.0
75.4
75.4
85.5
100.7
92.9
21.6
32.5
34.6
38.9
51.2
51.4
52.1
50.5
33.6
43.1
51.8
55.7
45.0
55.8
48.2
54.6
49.7
56.2
45.2
52.1
48.7
I".
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
3
207.6
240.0
224.8
231.9
274.1
164.1
231.5
226.1
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
284.9
285.6
152.3
145.4
106.5
130.4
146.1
128.1
126.8
137.8
104.3
143.4
139.2
129.7
134.4
120.9
122.3
130.2
134.0
129.0
134.5
141.9
145.6
54.7
97.6
63.6
66.9
71.5
79.0
81.3
86.8
93.8
68.5
73.9
80.8
81.2
81.7
84.3
86.6
87.7
88.6
90.3
92.4
95.2
97.3
99.3
81.8
39.6
58.9
67.0
46.8
40.0
43.9
35.8
69.5
58.4
48.5
52.7.
36.6
35.7
42.5
45.4
38.7
42.1
46.7
48.3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
-43.1
-24.2
-10.4
-10.9
-5.8
-.7
6.5
-17.5
-13.4
-8.1
-1.6
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
-20.0
-17.6
-21.3
15.9
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the first quarter of 1988, nonresidential fixed investment rose $17.6 billion
(annual rate) while residential investment fell $3.4 billion. There was a $57.0 billion increase in inventories,
following an increase of $69.4 billion in the fourth quarter of 1987.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
700
600
500
400
400
300
300
200
100
-100
1988
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
] ""ixed investment
Change i l business
mven tories
Nonresidential
Period
investment
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
IV
IV
IV
TH
IV
1986: I
n
m
IV
1987: I
n
m
rv
1988: I "
Source: Department of Commerce, Bureau of Economic Analysis.
437.0
515.5
447.3
502.3
664.8
641.6
671.0
717.5
409.6
579.8
661.8
628.6
650.8
683.4
679.4
660.8
660.2
699.9
702.6
707.4
760.2
761.9
Total
445.3
491.5
471.8
509.4
597.1
631.6
655.2
671.5
469.5
548.8
616.8
631.0
648.3
645.1
651.9
657.3
666.6
648.2
662.3
684.5
690.8
704.9
Total
322.8
369.2
366.7
356.9
416.0
442.6
436.9
443.4
354.9
383.9
435.0
442.0
451.5
440.7
433.8
433.5
439.7
422.8
434.6
456.6
459.6
477.2
Structures
113.9
138.5
143.3
124.0
141.1
152.5
137.4
134.2
137.6
127.4
146.6
152.9
152.1
149.6
135.9
131.1
132.9
128.7
129.7
137.1
141.1
140.4
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
290.1
299.5
309.2
217.3
256.5
288.4
289.1
299.3
291.0
297.9
302.4
306.7
294.1
304.9
319.5
318.5
336.8
Residential
122.5
122.3
105.1
152.5
181.1
189.0
218.3
228.1
114.7
164.0
181.8
189.0
196.8
204.4
218.1
223.8
226.9
225.4
227.7
227.9
231.2
227.8
Total
-8.3
24.0
-24.5
-7.1
67.7
10.0
15.7
46.1
-59.9
31.0
45.0
-2.4
2.5
38.3
27.5
3.5
-6.4
51.6
40.3
22.9
69.4
57.0
Noil/arm
-2.4
18.3
-23.1
.4
60.5
13.6
16.8
36.2
-51.1
21.3
41.3
5.2
17.8
38.5
24.5
.9
5.1
48.7
27.3
11.1
57.5
37.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1988 survey, business spending for new plant and
equipment is expected to rise 8.8 percent in 1988, following a rise of 2.4 percent in 1987.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASO ALLY ADJUSTED ANN UAL RATES
—
^T-n
—
-""""""
300
—
^-^^/UL INDUSTRIES
^-~
1
300
^.*-
—
—•--
A
•"""7 —
200
-., — •'''" NO•MMANUFACTU *INGu/
x-"
k-r"
__
__ ^
-'
A
Ai ANUFACTUR^JG
-.-•-
~~-
,
,
--•
"'
.
—
—
80
'80
—
—
Ml-
AH
—
—
40
1
1
1980
1
I 1 1
it
1
1981
JL//SURVEYED QUARTERLY
_£/'5EE FOOTNOTE 4 BELOW
S'OURCE: DEPARTMENT OF COMMERCE'
I
1982
1
I
I
1
1983
1
1 1
1984
1
1
1985
1
!
i
1
1986
1
1 1
1987
2J
I
-I/
\
\
1988
* SECOND HALF
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Noiimanufactui •ing
M mufacturii
Period
1987:
*
Total
Durable
Nondurable
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
busi-
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.23
Non manufactu ring
Manufacturing
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.46
159.68
Total
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.54
Surveyed
quarterly
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.14
263.28
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.47
388.60
422.96
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.46
159.68
48.50
55,36
59.81
55.35
53.08
66.24
73.27
69.14
70.91
75.75
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.55
83.93
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.14
263.28
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.34
12.07
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.09
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.76
46.55
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.19
183.57
HI
IV
375.50
386.09
139.43
144.07
69.42
69.87
70.01
74.20
236.07
242.02
10.14
10.31
18.81
19.50
45.81
46.12
161.31
166.08
139.43
144.07
236.07
242.02
I
374.23
377.65
393.13
409.37
140.65
140.79
147.56
152.84
70.47
68.76
71.78
72.64
70.18
72.03
75.78
80.20
233.58
236.87
245.58
256.53
10.31
11.02
11.64
12.39
18.98
17.67
19.17
19.57
43.60
43.48
44.90
47.07
160.70
164.69
169.87
177.50
140.65
140.79
147.56
152.84
233.58
236.87
245.58
256.53
422.75
427.09
421.00
161.13
161.45
158.06
81.00
80.13
84.53
76.92
72.96 - 85.10
261.62
265.64
262.93
12.26
12.41
11.81
22.49
20.44
20.72
46.15
46.83
46.60
180.72
185.97
183.80
161.13
161.45
158.06
261.62
265.64
262.93
1979
1980
1981
1982
1983
1984
1985
1986
1987 '
19884
1986:
All
industries
n
in
IV'.
1988: I 44
n
2nd half 4
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Surveyed
annual-
Ly"
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in January-March 1988, corrected for
biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In March, seasonally adjusted civilian employment fell 306,000 and unemployment fell 137,000.
MILLIC3NS OF PERSO NS*
124
MILLI ONS OF PERSC)NS*
124
SEASONALLY ADJUST ED
120
_^ .
^^
^
cn /ILIAN LABOR
-1 12
-» -"
ORCE
•_••"•'
----108
, -* ~* "* ~* "*
104
^-^•*~-*-->-~
** «•
120
116
_„-•
1
_—~
100
:
S.
'
,-/v"1
J
/>——"1-—
1
_^.X~*-^"
..
s
—-•">.- -^-
—• "" *
-'"V '
104
CIVILIAN
EMPLOYMENT
100
96
-v.
^
^
12
^~^~ —
—
~——
8
-,
4
—
0
Illllflllll
Illlillllll
iiinliini
1980
1981
1982
- 12
.x
-~V~
\
iNEMPLOYMEN T
^~~-^
—
8
. —•- ..
— 4
Illlllllll! Illlillllll Illlillllll Illlillllll I l l l i l l l l l l Illlillllll
1984
1983
1985
1987
1986
1988
0
•16 YEARS: Of AGE A NO OVER
COUNCIL OF CONOMIC ADVISERS
SOURCE: DEPARTMEN r OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1980
1981
1982
1983
1984
1985
1986*
1987
1987: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Noninstitutional
population
including
resident
Armed
Forces
NSA
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
183,915
184,079
184,259
184,421
184,605
184,738
184,904
185,052
185,225
185,370
185,571
185,705
185,847
Civilian e mployment
Resident
Armed
T \\
f
including
resident
NSA
Forces
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,736
1,735
1,726
1,718
,720
,736
,743
,741
,755
,750
,749
,736
,736
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
120,982
121,098
121,633
121,326
121,610
122,042
121,706
122,128
122,349
122,472
122,924
123,084
122,639
Employment
including
resident
Armed
Forces
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
113,191
113,541
114,060
114,018
114,359
114,786
114,615
114,951
115,259
115,494
115,878
116,145
115,839
Civilian
labor force
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
119,246
119,363
119,907
119,608
119,890
120,306
119,963
120,387
120,594
120,722
121,175
121,348
120,903
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime
work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
Unempl jyment
NonagTicultural
Total
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
111,455
111,806
112,334
112,300
112,639
113,050
112,872
113,210
113,504
113,744
114,129
114,409
114,103
Agricultural
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,237
3,250
3,269
3,192
3,212
3,143
3,184
3,249
3,172
3,215
3,293
3,228
3,204
Total
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
108,218
108,556
109,065
109,108
109,427
109,907
109,688
109,961
110,332
110,529
110,836
111,182
110,899
Part-time
for
economic
reasons 1
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
5,180
5,104
5,058
4,979
5,154
5,016
4,986
5,067
5,241
5,004
5,145
5,254
5,106
Total
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
7,791
7,557
7,573
7,308
7,251
7,256
7,091
7,177
7,090
6,978
7,046
6,938
6,801
15
weeks
and
over
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
2,055
2,060
2,067
2,029
1,920
1,896
1,904
1,801
1,834
1,791
1,733
1,740
1,722
Labor force
partici jation
rate (p« rcent)
Total 2
Civilian 3
64.1
64.2
64.3
64.4
64.7
65.1
65.6
65.9
65.8
65.8
66.0
65.8
65.9
66.1
65.8
66.0
66.1
66.1
66.2
66.3
66.0
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.5
65.5
65.7
65.5
65.6
65.7
65.5
65.7
65.7
65.7
65.9
66.0
65.7
"Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In March, the seasonally adjusted overall unemployment rate fell 0.1 percentage point, to 5.5 percent; the civilian
unemployment rate also fell 0.1 percentage point, to 5.6 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
X
A
rr
v - ./r.
TEENAGERS
(16-19)
15
10
10
WOME N 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
Illllllllll mnliim
1988
1984
1985
1988
1987
1986
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED,
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemp oyment ra te (percen t of civilia n labor force in group)
Period
5.9
6.3
7.4
7.1
6.9
6.1
7.1
7.6
9.7
9.6
7.5
7.2
7.0
6.2
8.8
8.9
6.6
6.2
6.1
5.4
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
Oct
Nov
Dec
6.4
6.2
6.2
6.0
6.0
5.9
5.8
5.9
5.8
5.7
6.5
6.3
6.3
6.1
6.0
6.0
5.9
6.0
5.9
5.8
5.7
5.6
5.6
5.5
5.4
5.2
5.0
5.1
5.0
4.9
Jan
Feb
Mar
5.7
5.6
5.5
5.8
5.7
5.6
5.1
4.9
4.9
7.0
7.5
9.5
9.5
Mar
Apr
May
Aug
Sept
civilian
workers
Both
sexes
Experienced
wage and
salary
workers
White
Black
and
other
17.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
15.6
18.9
19.5
15.9
15.1
14.5
13.0
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.7
5.5
5.4
5.3
5.4
5.3
5.4
5.2
5.2
5.2
17.8
17.3
17.6
16.0
15.8
16.2
16.4
17.2
16.6
16.1
5.6
5.5
5.4
5.3
5.2
5.2
5.1
5.2
5.1
4.9
12.4
11.8
12.1
11.5
11.4
11.3
10.9
10.8
11.0
10.9
13.9
13.0
13.7
12.8
12.7
12.4
12.3
12.1
12.2
12.2
5.1
5.2
4.8
16.0
15.4
16.5
5.0
4.8
4.7
10.9
11.3
11.5
12.2
12.6
12.8
16-19
years
1
Unemployed as percent of total labor force including resident Armed Forces.
z
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
By elected grou 3S
By race
A 1]
All
Women
20 years
and
over
June....
July
1988:
By sex and a go
Men
20 years
and over
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Unemployment
rate,
all
workers 1
Black
14.3
Married
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) *
Fulltime
workers
Parttime
workers
6.5
6.5
4.6
4.3
4.4
3.9
9.2
10.4
11.7
12.2
10.3
10.4
9.8
9.2
6.9
7.3
9.6
9.5
7.2
6.8
6.6
5.8
8.8
9.4
10.5
10.4
9.3
9.3
9.1
8.4
10.9
8.6
8.1
7.9
7.1
6.1
5.9
5.9
5.8
5.8
5.7
5.5
5.5
5.5
5.4
4.1
4.1
4.0
4.0
3.8
3.7
3.7
3.7
3.5
3.4
9.7
9.4
9.5
9.5
9.3
9.0
8.8
8.9
8.5
8.4
6.1
5.9
5.9
5.9
5.7
5.6
5.5
5.6
5.5
5.4
9.1
8.6
8.7
7.3
8.1
8.2
8.4
8.3
8.2
8.0
7.4
7.3
7.2
7.1
6.9
6.9
6.8
6.8
6.8
6.6
5.5
5.3
5.2
3.6
3.4
3.4
8.9
8.3
7.5
5.4
5.3
5.3
8.3
7.9
7.7
6.6
6.6
6.5
4.2
4.3
Source: Department of Labor, Bureau of Labor Statistics.
7.9
8.5
11.0
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In March, based on seasonally adjusted data, the percentages of unemployed persons who had been out of work
for less than 5 weeks and for 27 weeks and over fell, the percentage for 5-14 weeks was unchanged, and the
percentage for 15-26 weeks rose. The mean duration of unemployment fell and the median rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION
70
70
REASOh•J FOR
DURATION OF UNEMPLOYMENT
UNE ^PLOYMEN T
60
60
50
-
50 _
— "\."-
LESS THAN
5 WEEKS
' \ —
1OB LOSERS
"
V
40
40
5-14
WEEKS
A .
30
REENTRANTS
30 —
A
*
-X ^«. -•*"•/
V-. '""•'
20
10
27 WEEKS
AND OVER
20
•v
10
NEW ENTR \NTS
c^
15-26
WEEKS
1985
1987
1986
7-C^ --(""•'
J DB
nutlinti innliini ntiiluni iiiiilnni milling
1984
" \
LEAVERS
\niiilnui innlinii nniliiin jjnihnji j ) i n ) j j ) j j
1985
1984
1988
1986
1987
1988
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Be ason for unemplojinent:
percent distributi on
Dur ation of imemployment
Period
Unemployment
(thousands)
I'ercent di stributio i
Stat£
progriims
Number of
ks
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
488
460
583
438
377
396
378
328
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
1987: Mar
Apr
May
June
July
Aug
Sept
Oct
NOT
Dec
7,791
7,557
7,573
7,308
7,251
7,256
7,091
7,177
7,090
6,978
42.9
42.5
43.9
42.9
43.9
44.2
45.5
45.3
45.4
46.2
30.8
30.0
28.7
29.4
29.6
29.6
27.6
29.4
28.7
28.2
12.1
13.1
12.9
13.3
13.0
11.5
13.0
11.9
12.7
12.8
14.2
14.3
14.5
14.4
13.4
14.7
14.0
13.4
13.2
12.9
14.9
14.8
14.8
14.7
14.2
14.3
14.2
14.1
14.0
14.2
6.7
6.9
6.6
6.6
6.6
6.4
5.8
6.2
6.1
6.0
48.5
49.1
47.9
48.4
48.4
47.0
46.8
47.7
46.8
45.7
12.7
12.7
12.4
13.1
13.6
13.8
13.8
13.5
13.1
13.5
26.6
26.1
26.5
26.9
26.5
27.3
26.9
26.0
28.0
27.8
12.2
12.2
13.3
11.6
11.6
11.9
12.5
12.9
12.1
13.0
2,439
2,367
2,321
2,297
2,273
2,223
2,102
2,035
2,037
2,090
342
334
333
331
329
307
289
293
303
317
2,933
2,526
2,216
2,108
2,210
2,030
1,800
1,759
1,931
2,322
1988: Jan
Feb
Mar
7,046
6,938
6,801
43.6
44.3
44.0
31.9
30.8
30.8
11.8
12.1
13.0
12.6
12.9
12.2
14.4
14.4
13.7
6.4
6.4
6.6
45.2
45.9
45.8
15.3
13.8
15.7
27.0
27.9
25.6
12.5
12.4
12.9
2,242
2,208
2,140
356
327
308
2,870
2,775
Insured
unemployment
Initial
claims
Weekly a perage, t lousands
1980
1981
1982
1983
1984
1985
1986
1987
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (BJR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 262,000 in March
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS
26
m
—
100
r"
—
-1
-"•~"~
90
.— -"1
sERVICES
24
ALLr-JONAGRICU TURAL
E 5TABLISHMEf-4TS
__
—«
--•"I
22
•""*
-
J>--''""
80
20
(ETAIL TRAD •
__
:ING
SER\flCE-PRODUC
70
INDUSTRIES
—
—
60
-
18
—
16
.-
—
-T-"
---'-
_——
--""'^
GOVERNME NT
Ulllillllll lilllilllU mill!!!!! IMIlllllII |H|lllllilf
1
'
50
MA NUFACTURI MG
20
-L_
—
40
—
jliliillllli IllllllilU illlillllil liiilliilii
GO ODS-PRODU(:ING
30
'"
-—"
1984
nmlnij! iiMilnii!
1985
iiiiihiiiil
CO NSTRUCTIOrM
INDUSTRIES
(Mlllllllll
-
18
lilllllllll Miulmm
1987
1986
1
minliiiii
1984
1988
umliiiH
IMilllllll IJIIllllIli
1986
1985
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
iniiiiiim
1987
1988
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Se rvice-produ< ing industn es
Goods-p reducing in iustries
Period
1980
1981
1982
1983
1984
1985
1986
1987
Total
nonagricultural
employment
M anufacturin g
Total
2
C nn
onstruction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Jxetaii
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
90,406
91,156
89,566
90,200
94,496
97,519
99,610
102,112
25,658
25,497
23,813
23,334
24,727
24,859
24,681
24,884
4,346
4,188
3,905
3,948
4,383
4,673
4,904
5,031
20,285
20,170
18,781
18,434
19,378
19,260
18,994
19,112
12,187
12,109
11,039
10,732
11,505
11,490
11,244
11,237
8,098
8,061
7,741
7,702
7,873
7,770
7,750
7,875
64,748
65,659
65,753
66,866
69,769
72,660
74,930
77,228
5,146
5,165
5,082
4,954
5,159
5,238
5,244
5,378
5,275
5,358
5,278
5,268
5,555
5,717
5,735
5,797
15,035
15,189
15,179
15,613
16,545
17,356
17,845
18,264
5,160
5,298
5,341
5,468
5,689
5,955
6,297
6,589
17,890
18,619
19,036
19,694
20,797
22,000
23,099
24,137
16,241
16,031
15,837
15,869
16,024
16,394
16,711
17,063
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
101,329
101,598
101,708
101,818
102,126
102,275
102,434
102,983
103,285
103,612
24,749
24,759
24,752
24,761
24,850
24,886
24,917
25,064
25,169
25,259
5,032
5,019
4,999
5,008
5,002
5,006
4,989
5,053
5,074
5,121
18,995
19,011
19,018
19,015
19,104
19,129
19,169
19,247
19,336
19,382
11,176
11,175
11,175
11,176
11,195
11,248
11,268
11,319
11,367
11,403
7,819
7,836
7,843
7,839
7,909
7,881
7,901
7,928
7,969
7,979
76,580
76,839
76,956
77,057
77,276
77,389
77,517
77,919
78,116
78,353
5,333
5,348
5,344
5,350
5,363
5,377
5,416
5,436
5,459
5,473
5,766
5,772
5,775
5,781
5,797
5,807
5,815
5,831
5,851
5,871
18,136
18,197
18,205
18,226
18,274
18,256
18,314
18,408
18,443
18,458
6,526
6,558
6,576
6,586
6,608
6,624
6,629
6,650
6,657
6,668
23,842
23,926
24,025
24,083
24,214
24,279
24,295
24,406
24,493
24,612
16,977
17,038
17,031
17,031
17,020
17,046
17,048
17,188
17,213
17,271
2,922
2,933
2,935
2,935
2,936
2,940
2,962
2,965
2,977
2,981
1988: Jan r... 103,827
Feb r... 104,344
Mar ".. 104,606
25,205
25,342
25,426
5,058
5,175
5,254
19,401
19,418
19,417
11,403
11,412
11,414
7,998
8.006
8,003
78,622
79,002
79,180
5,485
5,504
5,522
5,884
5,903
5,920
18,619
18,720
18,724
6,684
6,687
6,694
24,683
24,884
24,967
17,267
17,304
17,353
2,977
2,979
2,972
1987:
Mar....
Apr
May....
June ...
July....
Aug....
Sept....
Oct
Nov ....
Dec
etors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
Irom this table not comparable with estimates o! nonagricultwral employment o! the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
weather, etc., even U they &re not paid (ot the time oCf; vsA -wiroli Mft liased on & swaiple ot the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gi oss hourly
earn ings
Average weekly
hours
J
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1988:
Jan r
Feb r
Mar"
Manufa cturing
Total
private
nonagricultural '
Total
Total
private
nonagrieultural '
Overtime
Manufacturing
Adjuste d hourly earnin gs index — total private
nonagnc ultural 2
Ind ex,
1977 -100
Current
dollars
a year
Percent chang e 4from
earlie r 5
1977
dollars 3
Current
dollars
1977 dollars
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
$6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.98
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
127.3
138.9
148.5
155.4
160.3
165.2
169.3
173.5
93.5
92.6
93.4
94.9
94.6
94.1
95.0
94.0
9.0
9.1
6.9
4.6
3.2
3.1
2.5
2.5
-4.0
-1.0
.9
1.6
-.3
— .5
1.0
-1.1
34.8
34.7
34.9
34.8
34.8
34.9
34.6
34.9
34.9
34.6
40.9
40.6
41.0
41.0
41.0
41.0
40.6
41.3
41.2
41.0
3.6
3.5
3.8
3.7
3.8
3.8
3.6
4.0
3.9
3.8
8.91
8.91
8.95
8.94
8.96
9.02
9.02
9.08
9.12
9.11
9.83
9.86
9.88
9.88
9.87
9.93
10.02
10.00
10.01
10.02
172.2
172.6
172.9
172.9
173.2
174.1
174.6
174.9
175.8
175.7
94.4
94.2
94.0
93.8
93.7
93.7
93.8
93.6
93.8
93.6
2.2
2.5
2.4
2.2
2.4
2.7
2.9
2.8
2.7
2.7
-.6
-1.2
-1.3
-1.4
-1.4
-1.5
-1.4
-1.7
-1.8
-1.7
34.8
34.8
34.6
41.2
41.0
40.9
3.9
3.7
3.7
9.15
9.13
9.19
10.02
10.03
10.05
176.4
176.5
177.1
93.7
93.6
93.6
3.0
2.8
2.9
-1.0
-1.1
-.9
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent c] ange from
a year earlier,
total private n onagricultural 5
Average gross weekly ea rnings
Period
Current dollars
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan r
Feb r
Mar"
Manufacturing
Total private
nonagnc ultural *
Construction
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
$367.78
399.26
426.82
442.97
458.51
464.46
466.38
477.28
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
179.32
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
-5.8
-1.5
-1.2
1.9
.9
-1.4
.4
-1.0
310.07
309.18
312.36
311.11
311.81
314.80
312.09
316.89
318.29
315.21
169.99
168.67
169.85
168.71
168.64
169.43
167.61
169.55
169.94
168.02
402.05
400.32
405.08
405.08
404.67
407.13
406.81
413.00
412.41
410.82
478.30
471.61
481.97
478.27
478.93
480.44
449.79
485.64
487.92
483.23
177.27
179.36
179.05
178.12
179.02
181.45
183.22
180.49
180.16
178.85
1.8
1.8
2.6
2.6
3.0
3.3
2.4
3.7
3.2
3.3
-1.0
1.9
-1.1
-1.0
.9
-.9
-1.8
-.9
-1.3
-1.1
318.42
317.72
317.97
169.10
168.46
167.97
412.82
411.23
411.05
473.62
476.10
489.59
180.09
180.13
179.76
3.1
2.9
2.5
-.9
-.9
-1.2
1
Also includes other private industry groups shown on p. 14.
2
Adjusted for interindustry employment shifts and for overtime
3
in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage earnei
and clerical workers (on a 1977=100 base).
4
5
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
84-687 0 -
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Outpu t 1
Business
sector
per
Compens ition
hour 3
Hours of 2all
perso ns
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real com]wnsation
per h )ur 4
Business
sector
Nonfarm
business
sector
Unit labOT
COStS
Business
sector
Nonfarm
business
sector
Implici t price
defla lor 5
Business
sector
Nonfarm
business
sector
19" 7 = 100; q uarterly c ata seasor ally adjus ,ed
1979
99.6
99.3
107.9
107.9
108.3
108.7
119.1
118.9
99.4
99.2
119.5
119.7
117.0
116.5
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.6
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.7
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.0
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
98.0
96.6
95.8
97.2
98.3
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
1985
1986
1987 r.
107.5
109.5
110.5
105.8
107.5
108.4
123.9
128.0
132.2
123.6
127.5
131.8
115.2
116.9
119.7
116.8
118.6
121.6
175.9
182.8
188.2
175.2
182.0
187.1
99.1
101.1
100.4
98.7
100.6
99.8
163.6
166.9
170.3
165.6
169.3
172.7
162.4
165.8
170.0
164.1
167.8
171.9
IV
101.0
99.7
105.0
104.2
103.9
104.5
158.3
158.2
98.0
97.9
156.8
158.7
150.2
151.4
1983:
IV
103.7
103.3
113.6
114.1
109.4
110.4
163.6
163.4
98.0
97.9
157.7
158.2
155.2
156.2
1984:
IV
105.9
104.8
120.8
120.7
114.0
115.2
170.3
170.2
98.1
98.1
160.8
162.4
159.8
161.0
1985:
m
TV
108.2
107.9
106.4
105.9
124.7
125.3
124.3
124.9
115.2
116.1
116.9
117.9
177.0
179.3
176.2
178.3
99.5
99.7
99.0
99.2
163.6
166.1
165.7
168.3
163.0
164.0
164.9
165.7
1986:
I
109.5
109.7
109.6
109.6
107.7
107.7
107.5
107.5
127.3
127.5
128.1
129.0
126.9
127.1
127.6
128.5
116.3
116.3
116.9
117.8
117.9
118.0
118.7
119.6
180.7
182.2
183.6
185.2
180.0
181.3
182.6
184.4
100.1
101.3
101.5
101.7
99.8
100.8
100.9
101.2
165.0
166.2
167.5
169.0
167.2
168.4
169.8
171.5
164.3
165.4
166.9
166.7
166.4
167.3
168.8
168.8
n
mr
109.7
110.1
111.3
110.9
107.6
108.0
109.1
108.8
130.2
131.1
133.1
134.4
129.7
130.7
132.7
134.1
118.7
119.1
119.6
121.2
120.6
121.1
121.7
123.2
185.8
187.3
189.1
190.6
184.9
186.3
187.9
189.5
100.7
100.3
100.3
100.2
100.2
99.7
99.7
99.6
169.4
170.2
169.8
171.8
171.8
172.5
172.2
174.1
168.2
169.6
170.7
171.4
170.3
171.4
172.5
173.3
1988: I p .
111.1
109.1
135.3
135.0
121.7
123.7
192.2
191.1
100.2
99.7
173.0
175.2
172.0
173.8
11.1
11.2
9.0
8.9
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
2.8
2.0
2.0
3.2
2.2
2.0
2.7
2.1
2.5
3.2
2.3
2.4
1982:
n
m
IV
1987: I
IV ....
159.0
Pe rcent chan ?e; quarte rly data a seasonal] y adjusted annual rates
-1.2
1979
1980
1981
1982
1983
1984
2.0
1.9
3.2
3.5
9.7
9.5
-.3
1.4
-.4
2.7
2.5
-.4
1.0
g
3.3
2.1
-1.1
2.1
-3.1
4.2
8.4
-1.2
1.7
-3.3
5.0
8.3
-.8
.7
-2.8
1.5
5.7
-.7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
-2.7
-1.0
1.6
1.0
-.2
-2.7
-.8
1.5
1.1
1.8
1.9
.9
1.2
1.6
.8
4.0
3.3
3.3
3.6
3.2
3.4
2.1
1.4
2.4
2.5
1.6
2.6
4.7
3.9
2.9
4.4
3.9
2.8
1.1
2.0
-.7
.8
2.0
-.8
1985
1986
1987 r.
4.5
5.0
3.2
3.8
1.5
2.6
2.4
3.0
8.3
5.4
4.3
1.3
.2
2.4
2.9
4.8
3.1
3.5
3.1
2.1
2.1
3.8
3.9
.5
.7
2.3
2.9
2.7
3.3
4.4
2.2
4.1
2.0
.7
3.2
1.5
3.6
5.7
5.1
4.9
4.9
3.4
1.1
2.6
.8
1.9
6.2
2.2
6.6
2.5
2.5
3.2
2.0
6.6
.1
-.6
.0
6.4
.7
1.8
3.0
6.4
.6
1.7
2.9
.5
.1
2.1
3.1
-.2
.6
2.3
2.9
3.2
3.5
3.0
3.6
3.9
2.9
2.8
4.0
1.6
4.9
.6
.8
2.3
4.3
.5
1.3
-2.5
2.8
3.3
3.7
-2.6
2.8
3.5
4.0
.9
2.6
3.7
5
1.6
2.3
3.7
.0
.5
1.4
4.7
-1.5
.4
1.4
4.2
-1.0
3.5
3.0
6.3
4.0
3.8
3.2
6.3
4.2
3.0
1.6
1.5
5.6
3.4
1.7
2.0
5.2
1.4
3.3
3.8
3.2
1.1
3.0
3.6
3.5
g
-4.1
-1.8
-.3
-.1
.9
1.8
-.9
4.7
.8
1.5
-.6
4.5
3.7
3.4
2.5
1.8
3.4
2.6
2.7
1.9
.8
.9
2.5
2.7
1.7
1.7
3.5
3.4
.1
.0
2.7
2.4
1.2
1.1
3.0
2.4
-.5
TV
3.0
1.4
10.4
1984:
IV
1.5
1.0
1985:
m
IV
3.7
-1.0
2.6
-1.6
5.8
.6
-.3
-.1
n
mr
1988: I".
I
IV
1987: I
IV ...
A
7.2
IV
1983:
n
m
-1.5
9.8
1982:
1986:
j1
1.6
-1.2
-3.4
-3.5
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persona engaged in the sector, including hours of proprietors and unpaid family
workers.
Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers.
16
-3.8
-1.5
.0
6
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are baaed on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.1 percent in March, following no change in February. The index for March was 5.6
percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
240
FINAL PR ODUCTS
220
INDEX, 1977=100* (RATIO SCALE)
160
TOTAL If vJDUSTRIAL PRODUCTI ON
140
200
.•
- ^-~
DEFENS E AND
SPA CE
EQUIP/\AENT
180
^-— '
160
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
160
^~~
i<JONDURABL
Illllllllll
100
140
UTILITIES
_S~^
— *. — *
120
r^^-^"
^^
BUSINESS
EQUIPMENT
140
' DURABLE
imihiiii
Illllllllll
1JTILITIES
A
•_•
^-*^~-\> •—xoci-^^
/
100
V^---
MINING
80 .
S'"~*
1^;=**—-
•—~—i
• i— i_.ij
*~
70
Illllllllll Illllllllll Illllllllll
1986
1985
1984
Illllllllll
1987
mnlinii iiiiiiiiiu
PERCENT*
100
CAPACI1rY UTILIZAT ION RATE
(TOTAL 1 NDUSTRY)
90
ANDMIN NG PRODIJCTION
120
*- -s. *-**"*""""
~"
--
CONSUMER
GOODS
100 Illllllllll Illllllllll Illllllllll
Illllllllll Illllllllll
-—
\ •'''"
-"
MANUF/ kCTURING PRODUCTIC3N
140
• —>
-^ ._, •'-
Illllllllll Illllllllll Illllllllll
1984
1985
1986
Illllllllll
1988
"SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL REStRVE SYSTEM
"~n
iiiiiiiiiu
1987
Illllllllll
1988
COUNCIL OF ECONOMIC ADVISER?
[Monthly data seasonally adjusted]
Total
indu trial
produ ction
Period
Index,
1977 = 100
Industry prot uction indexes , 1977 = 100
Manufacturing
Percent
change
from year
earlier
1977 proportion
100.0
1980
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
-1.9
2.2
-7.1
1981....:
1982
1983
1984
1985
1986
1987
1987: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
1988: Jan
T
Feb r
Mar".
1
Output as percent of capacity.
Capacity utilization
rate, p< rcent '
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
84.21
49.10
35.11
9.83
5.96
5.9
11.2
1.9
1.1
3.8
108.2
110.5
102.2
110.2
123.4
126.4
129.1
T
134.7
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
107.0
109.7
105.5
113.7
122.3
124.6
130.1
r
136.8
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
79.9
72.1
74.6
81.0
80.4
79.4
80.7
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.0
127.4
127.4
128.2
129.1
130.6
131.2
131.0
132.5
133.2
133.9
2.9
2.1
3.1
4.1
4.6
5.1
5.2
5.8
6.0
5.6
132.4
132.4
133.2
134.0
135.6
135.9
135.7
137.3
137.9
138.9
131.5
130.9
131.4
132.0
133.5
133.8
133.7
136.8
136.7
137.3
133.7
134.6
135.7
136.9
138.5
138.8
138.6
138.1
139.6
141.3
98.3
98.6
99.2
99.2
99.2
100.9
101.9
103.6
104.6
104.6
107.9
106.0
109.6
109.4
111.2
112.9
111.2
112.1
113.2
111.7
79.7
79.6
79.9
80.3
81.1
81.4
81.1
81.9
82.1
82.4
80.3
80.2
80.4
80.8
81.5
81.5
81.3
82.0
82.2
82.6
134.4
134.4
134.6
6.5
5.8
5.6
139.5
139.5
139.8
137.7
137.9
138.3
141.9
141.8
141.9
102.9
101.9
102.3
115.2
115.8
114.4
82.6
82.4
82.3
82.8
82.6
82.5
80.9
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Produc ts
Mate rials
^inal product s
Internlediate prot ucts
C 3nsumer go ads
Equipment
Period
Total
Durable
goods
Nondurable goods
25.52
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
18.63
126.7
125.5
127.3
127.2
128.9
129.4
127.7
129.0
129.4
129.8
119.8
116.7
120.1
117.4
120.4
121.2
118.6
124.3
123.9
120.3
131.4
131.9
131.9
121.5
121.2
122.0
Total
1977 proportion
44.77
1980
1981
1982
1983
1984
1985
1986
1987 r
1987: Mar
Apr
May
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
135.1
134.5
135.5
136.2
137.9
138.4
137.8
139.3
139.2
139.8
141.1
141.6
141.9
June
July
Aug
Sept
1988:
Got
Nov
Dec1"
Jan r.
Feb r .
Mar"
1
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
129.3
128.7
130.0
130.9
132.1
132.5
131.0
130.8
131.5
133.3
135.0
135.8
135.5
Total '
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
146.2
146.4
146.3
148.1
149.7
150.2
151.2
153.0
152.2
153.1
154.0
154.4
155.2
Business
Defense
and
space
equipment
14.34
3.67
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
141.9
142.1
141.7
144.2
145.6
145.6
146.3
148.7
148.3
149.8
150.9
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
188.6
189.2
189.3
188.6
188.7
189.1
189.8
190.3
188.7
188.9
190.1
190.3
189.8
151.4
152.4
Total
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
140.9
140.3
141.8
143.3
145.0
145.3
144.9
146.1
147.3
146.5
148.5
148.8
148.3
Construction
supplies
Busi-
Total
supplies
5.95
6.99
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
130.4
128.2
129.1
131.5
133.1
132.5
132.3
133.3
134.2
133.8
136.9
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
149.9
150.6
152.6
153.4
155.2
156.3
155.6
157.1
158.4
157.4
158.4
136.2
159.6
134.4
42.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
115.2
115.9
116.3
117.2
118.5
119.4
119.7
121.2
122.5
123.7
123.0
122.4
122.6
Energy
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
97.2
97.8
98.7
99.4
99.0
100.9
100.2
101.8
102.8
101.7
101.5
100.7
100.5
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nc ndurable manufactui res
Durable m mufactures
Transp Drtation
equip ment
Primarj metals
Fabricated
metal
products
Nonelectrical
machinery
3.49
6.46
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
65.4
65.0
65.7
68.3
70.9
76.0
74.6
82.0
79.7
81.9
77.9
75.7
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
110.5
109.9
108.5
111.1
111.1
110.1
111.1
113.5
113.6
115.8
117.2
117.9
118.2
9.54
123:3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
Period
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987 r
1987: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
1988:
Jan r.
Feb r .
Feb"
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
77.0
76.1
77.0
78.8
81.4
85.1
84.5
90.6
90.2
90.6
86.6
85.6
85.9
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
148.5
150.4
149.7
151.8
155.3
154.3
156.6
158.0
157.2
161.0
162.5
162.7
164.0
Electrical
machinery
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
168.5
168.4
171.1
170.5
172.5
174.3
173.4
175.5
175.6
175.9
177.0
177.8
177.9
Total
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.2
127.8
129.4
126.5
127.6
128.1
125.5
132.0
130.4
128.1
128.6
128.4
129.9
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
2.79
97.3
5.25
2.30
71.1
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
128.9
127.8
130.3
131.1
132.8
131.1
126.9
129.8
134.0
133.6
105.4
105.3
106.4
107.7
109.7
108.4
107.6
108.0
109.4
107.8
136.1
135.5
108.8
71.6
66.8
85.8
104.4
111.9
111.5
111.8
116.5
109.8
112.0
107.4
109.4
109.1
105.6
116.0
114.0
110.2
109.7
109.1
112.8
Printing
and
publishing
Chemicals
and
products
4.54
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
167.6
169.2
171.4
174.1
174.0
174.7
174.9
175.2
175.7
176.9
179.2
180.7
181.4
135.3
137.3
138.1
139.3
140.8
142.3
142.4
141.5
144.4
147.9
148.9
148.0
Foods
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
137.3
136.0
137.4
137.7
138.5
138.8
139.5
138.0
138.9
140.1
141.2
142.0
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 3
Private
Total new
construction
expenditures
Period
Real lential
Total
New housing
Total'
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
B illions of dollars
42.3
46.2
49.4
49.5
48.1
48.5
50.5
51.5
52.6
58.5
56.5
53.7
53.8
57.7
64.3
72.2
75.2
109
97
100
100
124
136
150
158
162
197.0
194.5
193.7
194.5
139.5
139.7
139.4
138.2
137.9
138.2
140.0
141.1
142.4
143.1
71.3
69.8
73.8
72.0
72.6
75.2
74.1
74.3
79.1
75.6
50.1
51.1
51.7
51.4
53.2
54.4
53.8
53.4
54.1
56.1
76.1
75.7
75.3
72.9
74.6
73.0
77.9
76.7
76.9
77.6
167
157
157
167
165
174
160
164
157
157
926
938
921
1,011
1,017
1,016
1,032
987
911
1,012
192.0
189.9
191.4
138.9
136.8
138.3
74.6
74.2
75.3
52.6
53.8
52.9
75.3
78.1
82.3
145
159
154
833
1,103
887
200.7
281.3
227.5
328.6
356.0
388.8
398.2
271.0
291.7
316.6
388.3
396.2
396.7
397.2
398.5
402.9
402.8
398.9
404.0
403.9
312.2
324.3
323.8
329.8
324.9
322.2
327.0
326.3
200.9
Jan '.
Feb"
394.5
396.0
Mar*
401.8
319.2
317.9
319.5
1980
1981
1982
1983
1984
1985
1986
1987 '
193.3
203.6
192.9
322.9
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.7
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
73.5
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
196.8
252.4
251.7
260.2
246.6
1979
51.7
Annual rates
1987: Mar
Apr
May
June
July
Aug
Sept
Ocf
Nov r
Dee r
1988:
320.5
321.4
190.8
199.5
195.9
198.0
200.2
1
Includes the following categories of private construction not shown separately: residential improvements,
railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
2
Includes hotels and motets.
1,059
904
919
690
756
955
1,097
1,016
1,004
Annual rates
3
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Syst
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes
New private housing units
Period
Units started, by type of structure
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
2-4 units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,539.0
Units
completed
Homes sold
Homes for
sale at end of
period 1
3
Vacancy rat*
for rental
housing units
(percent) *
397
337
275
253
301
353
346
357
365
5.4
5.4
5.0
5.3
5.7
7.4
586
358
359
356
359
359
361
361
360
362
365
552
630
655
369
362
377
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
' 1,668.8
709
545
436
412
623
639
688
750
671
720
728
649
640
672
673
644
653
625
5.9
6.5
7.3
7.7
Seasonal y adjusted annu al rates
1987: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan '.
Feb r .
Mar"
1
;
1,723
1,635
1,599
1,583
1,594
1,583
1,679
1,538
1,661
1,399
1,206
1,201
1,125
1,086
1,142
1,109
1,211
1,105
1,129
1,035
85
66
65
85
59
58
49
67
51
51
432
368
409
412
393
416
419
366
481
313
1,719
1,598
1,493
1,517
1,487
1,502
1,502
1,463
1,469
1,361
1,720
1,786
1,687
1,612
1,680
1,633
1,591
1,565
1,571
' 1,624
1,382
1,514
1,543
1,016
1,106
1,185
53
57
59
313
351
299
1,257
1,422
1,466
1,532
1,425
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New aeries beginning March 1979.
r
7.5
8.1
7.8
8.0
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
data are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In February, manufacturing and trade sales rose 0.9 percent, and inventories rose $1.0 billion. In March, according
to advance data, retail sales rose 0.8 percent, following a rise of 0.6 percent in February.
BILLIONS OF DOLLARS* (RATiq SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
220 _
800!
—
700
_/'
[-"""
_^^Ann! ^^
\
MANL IFACTURING
TRA 3E INVENTO ilES
—
s'** — ' ^ *
—\
/ V i"~
_^*-''
f
~~~
*•
— **
*" "
**** •'
— "\
RETAIL SALES
J
MA NUFACTURir~\G
AN 3 TRADE SA ES
—
__
S
—
,-''""
_,- s
"-~r~i
\
—
TAIL INVENT DRIES
RE
j\-—'
-
AND
—
_/1-~-
X^
-
100.1
—
miiliini
80i
—
Illllllllll Illllllllll Illllllllll Illllllllll
RATIO*
1.80'
—
- INVENTORY-SALES RATIO
1.60
1.40
MANUFACTURING
AND TRADE
1.20 •••
Illllllllll
Illllllllll Illllllllll Illllllllll Illllllllll
1985
1984
1986,
IJOOi
1985
1984
1988
1987
1986
1987
'SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE"
Manufact iring and
tra( e 1
COUNCIL OF ECONOMIC ADVISERS
Sales
Inventories 3
Sales 2
Inventory-s ales ratio 4
Ee tail
Wholesale
Sales
2
1988
InvenTotal
z
Durable
goods
stores
Inventories
3
Manufacturing
Retail
Total
Durable
goods
stores
Nondurable goods
stores
60,937
64,783
69,046
72,529
74,907
79,290
134,468
147,581
167,517
181,524
185,996
211,100
61,469
69,066
79,431
88,998
91,085
107,948
72,999
78,515
88,086
92,526
94,911
103,152
1.67
1.56
1.53
1.55
1.55
1.51
1.49
1.44
1.49
1.53
1.56
1.59
78,409
78,320
78,716
79,092
79,527
79,651
80,367
79,867
79,919
80,181
80,615
190,727
193,186
194,576
196,806
200,424
202,210
202,684
203,708
206,577
208,260
211,100
94,988
96,162
96,352
98,712
100,716
101,590
101,569
102,394
104,846
106,490
107,948
95,739
97,024
98,224
98,094
99,708
100,620
101,115
101,314
101,731
101,770
103,152
1.50
1.50
1.51
1.51
1.50
1.51
1.49
1.48
1.50
1.52
1.52
1.55
1.56
1.56
1.58
1.58
1.59
1.56
1.59
1.63
1.64
1.64
80,080
79,930
80,758
209,824
207,572
106,377
103,746
103,477
103,826
1.54
1.52
1.63
1.60
Nondurable goods
stores
trade '
Millions of dollars, seasonally !idjusted
1982
1983
1984
1985
1986
1987
1987:
Febr.
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1988: Jan '
Feb"
Mar"
1
2
348,746
368,931
408,142
418,517
425,259
453,313
574,085
590,178
644,302
655,449
657,121
709,853
96,290
100,324
113,390
114,645
116,026
126,736
128,196
130,445
142,622
147,145
152,887
165,097
442,408
444,932
445,252
447,215
453,701
454,330
460,047
464,984
464,947
462,975
468,303
665,679
1668,461
671,128
677,214
680,880
684,154
685,150
689,513
697,648
703,425
709,853
123,766
124,039
124,550
125,511
126,599
127,705
129,662
131,437
131,743
128,501
128,332
154,821
155,241
155,767
158,560
158,835
158,611
157,072
159,135
162,517
163,353
165,097
465,730
469,830
715,027
716,014
'••>
129,720
131,338
168,388
169,890
r
r
r
123,292
124,105
124,744
124,775
126,511
127,230
129,981
127,815
126,808
127,248
128,615
128,769
129,579
130,660
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period. Data beginning December 1980 for wholesale and retail and beginning January
1982
for manufacturing are not comparable with data for prior periods.
4
Annual data are averages of monthly ratios.
3
20
28,169
32,582
37,836
41,415
44,885
46,592
89,107
97,364
106,882
113,944
119,791
125,882
44,883
45,785
46,028
45,683
46,984
47,579
49,614
47,948
46,889
47,067
48,000
r
48,689
" 49,649
49,902
T
r
NOTE.—Wholesale series revised for 1982-1986 (data for 1987 forward were revised in March
ssue); retail series revised for 1982 (data for 1983 forward were revised in March issue).
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments, inventories, and orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280!
240!
440
SHIPMEENTS
INVEN TORIES
360
1
200
'
"
280
TOTAL
160
DU RABLE GOOt )S
. 1
120
's~=-~Z'~'-.
.
_ _ _ _ _ - •—•-""
—
160;
120 .--
NCENDURABLE GOODS
\
60;
•"
NCENDURABLE GOODS
lltlltlltl!
Illllllllll Illllllllll
M
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
TOTAL
*
1
V
DtJRABLE GOC DS
200i
_x
r;^
80
'
_,..—
60
NEWO RDERS
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
s~ -—-~"1
160
RATIO,
2.20
— TOTAL—
i
INVENTORY-SHIPWiENTS
RATIO
2.00'
DU RABLE GOO 3S
120)
A
"•
...
80
S*'—J
-? --
h-_V-Hy~'?:~
~-~
1.80
h-v-H
1.60
NON )URABLE GC ODS
1.40
I Illllllllll
miiliim
1984
1985
llllllllJII Illllllllll Illllllllll
1986
1 "0
^nr^ir^i
h""~
Mii ini i
niiiiiiiii
1984
1988
1987
—
1985
—
Illllllllll
1987
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS j
Manufa cturers' shiprnents l
Manufac turers' inven tories 2
]< anufac turers new orders i
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventoryshipments
ratio 4
76,801
84,199
83,924
86,431
91,189
91,030
89,351
95,595
92,562
93,125
93,647
94,405
96,273
96,852
96,479
97,374
98,304
98,677
98,202
98,375
98,322
100,621
323,393
319,094
306,302
338,849
365,177
373,495
372,974
403,496
370,244
372,531
375,886
380,354
385,217
391,887
394,640
395,627
398,630
401,030
403,496
408,826
412,554
414,278
1.67
1.65
1.95
1.80
1.74
1.74
1.70
1.62
1.64
1.63
1.64
1.63
1.60
1.62
1.62
1.59
1.59
1.60
1.58
1.63
1.62
1.58
Durabl 3 goods
Period
1988
Durable
goods
Nondurable goods
77,550
83,872
79,352
84,956
96,623
98,930
100,142
105,300
103,256
104,175
102,747
102,477
104,476
103,032
104,135
108,433
108,251
108,378
113,026
108,946
110,522
113,783
76,841
84,257
83,998
86,286
91,246
90,997
89,300
95,395
92,094
92,613
93,211
94,452
96,115
96,363
96,269
97,299
98,145
98,848
98,330
98,295
98,391
100,568
Durable
goods
Capital
Nondurable goods
Total
industries,
nondefense
M dlions of do lars, seasoimlly adjust 3d
1980
1981
1982
1983
1984
1985
1986
1987
1987: Febr
Mar r.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb r
Mar"
1
2
3
154,391
168,129
163,350
171,242
187,869
189,928
189,442
200,695
195,350
196,788
195,958
196,929
200,591
199,395
200,404
205,732
206,396
207,226
211,356
207,241
208,913
214,351
264,281
282,645
2
311,421
312,152
334,163
326,780
318,238
333,656
320,131
320,034
320,785
321,848
321,621
323,333
325,394
326,670
328,554
331,812
333,656
336,815
338,552
339,376
Monthly average for year and total for month. Shipments are the same as sales.
End of period. Data beginning 1982 are not comparable with data for prior periods.
End of period.
174,620
186,347
200,711
200,220
218,524
213,750
207,854
216,753
208,431
208,111
208,683
209,096
208,654
209,951
210,921
211,680
213,436
215,931
216,753
219,014
220,318
220,796
2
2
89,661
96,298
110,710
111,932
115,639
113,030
110,384
116,903
111,700
111,923
112,102
112,752
112,967
113,382
114,473
114,990
115,118
115,881
116,903
117,801
118,234
118,580
156,161
167,752
161,600
173,915
190,065
190,631
189,482
203,196
194,633
199,075
200,624
201,397
205,454
206,065
203,157
206,719
209,399
209,626
213,822
212,571
212,641
216,075
79,360
83,553
77,676
87,485
98,875
99,600
100,131
107,601
102,071
105,950
106,977
106,992
109,181
109,213
106,678
109,345
111,095
110,949
115,620
114,196
114,319
115,454
23,259
24,050
21,469
22,143
26,714
26,970
26,671
29,632
27,036
27,693
28,310
30,031
29,987
31,982
29,540
29,753
30,416
30,085
33,879
34,791
33,764
32,496
4
Annual data are averages of monthly ratios. Data beginning 1982 are not comparable with data
for prior periods.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods rose 0.6 percent, seasonally adjusted. Prices of finished
consumer foods rose 0.7 percent while prices of other finished consumer goods rose 0.5 percent. Capital equipment
prices rose 0.4 percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982 =100 (RATIO SCALE)
120
s
120
ASONALLY ADJUSTEC
FINISHED GOODS PRI CES
110
/
'
,'/''
CAPIT/VL EQUIPMENT ,'">c/c~--^
..\.--^j
^
e
'f&--"' ^S*^-'
-
100
/ "^
'S*;,/
"''^V
-'
,
"V'
V
110
\V-v^'^
TOTAL —
FINISHED
GOODS
/.-''
\
v
/I /
I
*•'
,.,''—- -'
V/"'
:
'<~--~ -JZ~~- -./
90
-""...-i ,-'
C<DNSUMER
FOODS .•-'I
"\
\
100
'
CONSUMER GOODS
EXCLUDING FOODS
! /f/
I 'f\
90
" v' /'/,''
j
A
/
'
/'-'
'it
80
lllllllllll
1980
lllllllllll
1981
lllllllllll lllllllllll
1982
mnlimi Minium iimlniu
1984
1983
1985
lllllllllll lllllllllll
1987
1986
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Pin shed
F uushed
Period
Total
finished
goods
Consumer
foods
Consumer g )ods
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
1987: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dec
1988: Jan
Peb
Mar
104.5
105.1
105.3
105.4
105.7
106.0
106.4
106.1
106.2
105.7
106.1
105.9
106.5
Durable
Internlediate ma terials
On[ide maten als
Foods
Foodstuffs
Total
finished
Capital
equipment
con-
Total
Other
Total
100.6
103.1
102.7
99.1
101.5
89.4
98.2
100.0
100.5
103.0
102.6
103.3
103.6
103.7
104.1
104.3
104.7
104.5
104.5
103.9
99.8
100.2
100.8
101.3
101.9
102.4
102.7
103.2
103.6
103.9
104.3
103.9
104.6
104.2
104.2
104.8
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.8
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
90.3
98.6
100.0
108.2
109.6
110.8
110.7
110.3
109.5
110.2
109.9
108.6
103.3
103.6
103.5
103.6
104.2
104.8
105.2
104.9
104.9
104.8
99.9
100.2
100.1
100.3
101.0
101.7
102.0
101.8
101.7
101.6
110.8
111.3
111.2
111.3
111.5
111.5
112.2
112.2
112.1
111.8
94.0
94.3
94.1
94.4
95.3
96.3
96.4
96.2
96.1
96.0
111.1
111.4
111.5
111.4
111.6
111.9
112.5
112.0
112.1
112.3
110.5
109.3
110.1
104.6
104.7
105.2
101.2
101.3
101.8
112.2
112.3
113.0
95.3
95.4
95.8
112.5
112.7
113.2
and
Otl
feedstuffs
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
110.0
and
feeds »
sumer
goods
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
1
Intermediate materials for food manufacturing and feeds.
Note.—Beginning with data for January 1988, the reference base was changed from 1967 = 100
to 1982 = 100.
22
as
Nondurable
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987"
goods
go dds excluding consumer foo
103.0
99.3
101.7
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.6
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
84.t
101.8
100.0
100.7
102.2
96.9
81.6
87.9
95.7
97.3
100.2
100.6
100.2
100.0
101.0
101.0
101.3
101.3
100.1
100.4
100.9
101.4
102.0
102.6
102.8
103.3
103.7
104.0
90.6
92.3
94.3
94.6
95.6
96.7
96.0
96.1
94.9
94.6
93.3
96.8
100.4
98.7
97.3
97.5
97.5
98.1
95.6
96.2
84.8
85.4
86.3
87.9
90.3
91.8
90.8
90.6
90.2
89.3
102.6
101.9
102.7
104.3
104.3
104.9
93.6
94.5
94.1
97.1
99.3
100.1
87.3
87.3
86.2
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.5 percent, seasonally adjusted (0.4
percent not
seasonally adjusted). The index was 3.9 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84=100 (RATIO SCALE)
130
130
SEA SONAUY ADJUSTED
120
120
CONSUMER PF ICES— ALL ITE VIS
N
110
—
"'"""
-^_—
110
V-~-
100
90
80
/\
100
r"""
90
^^
80
/
70
60
70
iimlmii i l f i i l m i i mnlimi
1981
1982
1980
mil HIM nm mn
1984
1983
mnhim mnlimi
1985
M i n i m i ! mu nm
1986
1987
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
60
1988
COUNCIL OF ECONOMIC ADVISERS
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All it.ems *
T ^ansportat on
Housing
All
She Iter
Not
Period
seasonally
adjust-
ed
(NBA)
Fuel
Season-
Rent-
Food
Total
ed
100.0
16.1
42.5
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
1987: Mar.... 112.1
Apr.... 112.7
May ... 118.1
June .. 113.5
July... 113.8
Aug ... 114.4
Sept... 115.0
115.3
Oct
Nov.... 115.4
Dec.... 115.4
115.7
1988: Jan
Feb.... 116.0
Mar. . 116.5
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
112.3
112.7
113.3
113.9
113.8
113.9
114.5
114.7
114.8
115.3
115.6
115.3
115.7
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
113.0
113.4
113.7
114.0
114.2
114.8
115.0
115.3
115.5
115.9
116.4
116.8
117.2
Rel. imp.3....
ers'
Total 1
ally
adjust-
1980
1981
1982
1983
1984
1985
1986
1987
112.3
112.8
113.2
113.5
113.8
114.3
114.6
115.0
115.3
115.5
115.9
116.1
116.7
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
119.7
120.2
120.6
120.8
121.2
121.9
122.2
122.8
123.1
123.8
124.5
125.1
125.7
costs
Home-
owners'
costs
and
(Dec.
1982 =
100)
(Dec.
1982 =
100)
repairs
7.9
19.7
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
110.7
110.3
110.2
111.1
113.2
112.9
112.7
112.8
113.5
113.3
113.7
114.3
113.3
103.0
108.6
115.4
121.9
128.1
126.5
126.8
127.1
127.5
128.5
128.9
128.8
128.6
128.8
129.5
130.9
131.5
133.0
102.5
107.3
113.1
119.4
124.8
123.1
123.7
124.2
124.4
124.5
125.4
125.9
126.9
127.2
127.9
128.4
129.0
129.3
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1987.
Nora—Beginning with data for January 1988, the reference base was changed from 1967= 100
Maintenance
and
Appar-
other
utilities
upkeep
Medi-
el and
Total1
New
cars
Motor
fuel
cal
care
Ener-
gy 2
items
less
food,
shel-
ter,
and
energy
(NSA)
7.7
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
102.3
102.4
102.6
103.0
103.1
103.6
103.3
103.0
103.4
103.3
103.2
103.7
103.5
6.3
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
109.6
111.0
111.4
110.8
109.9
110.3
111.3
112.7
113.1
112.2
112.3
112.0
114.2
17.5
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
104.0
104.6
104.8
105.3
105.9
106.7
106.8
107.2
107.7
107.4
107.3
107.1
107.2
4.4
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
113.3
113.9
114.1
114.4
114.8
115.0
115.2
115.5
115.7
115.7
115.5
115.8
116.2
3.3
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
78.3
79.1
79.2
80.1
81.1
83.8
83.2
83.0
83.0
81.6
80.4
78.9
79.2
5.8
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
127.8
128.6
129.3
130.0
130.7
131.3
131.9
132.4
133.0
133.5
134.6
135.4
136.0
7.6
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
87.1
87.5
87.6
88.5
88.7
90.2
89.8
89.3
89.6
88.9
88.3
87.8
87.8
48.5
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
115.8
116.4
116.7
116.9
117.3
117.6
117.9
118.5
118.9
118.9
119.5
119.8
120.4
to 1982-84=100.
Data beginning 1983 incorporate a rental equivalence measure for horaeownership i
therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated oa a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Chitnge from pr eceding peri >d
Change from 3 month s earlier, aim ual rate
Change from 6 montl s earlier, arm ual rate
Consuin r goods
Consume r goods
Consum r goods
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. bo Dec., N 3A
1980
1981
1982
1983
1984
1985
1986
1987 »
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.3
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.1
14.1
11.4
8.6
4.2
-.9
.8
2.1
9.2
3.9
2.0
1.8
2.7
2.1
1.3
-6.6
3.9
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
Cr singe, moil th to monl h
1987:
0.4
.6
.2
.1
.3
.3
.4
-.3
.1
-.5
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov '
Dee '.
.4
2
.6
1988: Jan
Feb '
Mar
0
1.3
1.1
.1
-.4
.7
.6
3
0.8
.3
-.1
.2
.7
.7
.3
-.2
.1
— .1
— .4
-1.3
-.1
.1
.2
1.7
-.4
.1
.5
.2
.2
.4
-1.1
.7
4.3
4.7
4.7
3.5
2.3
2.7
3.8
1.5
.8
0.1
.3
.1
.1
.2
.3
.5
-2.5
6.1
9.3
5.8
10.0
4.1
1.6
3.2
6.5
7.0
3.2
0
9.6
2.6
-4.6
-1.8
-1.4
1.8
-2.6
-5.7
2.2
0
-2.5
-1.1
3.1
1.1
.7
1.8
1.1
.7
1.4
4.0
1.4
.7
-1.6
7
-2.3
-1.6
1.8
2.2
3.2
.8
5.6
2.9
3.3
3.5
3.9
3.5
3.7
3.7
1.9
1.7
.6
-1.3
-.4
2.4
3.3
5.6
5.8
5.4
5.4
4.3
2.4
3.7
.5
4.5
5.3
4.2
3.2
3.2
2.6
-1.4
-3.8
.8
.4
-.4
-.2
O
.2
.4
-.8
-.4
1.6
1.7
2.7
2.4
2.3
3.4
3.1
3.2
2.5
2.6
2.1
1.6
1.4
1.2
2.1
1.7
1.8
2.0
1.6
1.3
1.1
.7
1.6
2.5
1.1
1.1
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Tr ansportation
Housing
Shelter
Period
All
items '
Food
Total1
Total1
KeMers'
costs
owners'
costs
Fuel
and
other
utilities
Apparel
and
New
Total !
Adden dum: All ite ms, percent change
(annue 1 rate)
All
Motor
Medical
Ener-
a*
keep
items
less
food,
shelter,
and
energy
From
previter 3
From
3
months
earlier
From
6
months
earlier
From
earlier
NSA
change, E eeember to Dec smber, N SA
12.5
1980
1981
8.9
3.8
3.8
3.9
3.8
1.1
4.4
1982
1983
1984
1985
1986
1987
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
13.8
14.4
5.1
5.9
6.3
5.0
3.9
4.5
5,1
5.9
4.6
5.3
9.7
1.8
4.2
1.8
-5.6
1.6
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
18.8
7.4
9.4
6.8
1.5 -6.5
3.4
1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
9.9
12.5
11.0
6.4
6.1
6.7
7.7
5.8
18.0
11.9
1.3
-.5
.2
1.8
8.2
5.0
4.3
3.7
3.3
3.8
0.4
.6
.5
.5
.5
.5
.5
.4
.5
.4
0.8
.5
.1
1.0
.2
1.7
-.4
-.6
.3
-.8
0.4
.5
.3
.2
.3
.3
.3
.5
.3
0
.8
.6
,4
__7
-.6
0
.5
.3
.5
-19.7
13.5
10.3
9.8
9.4
6.1
6.2
3.2
4.3
3.6
1.9
3.6
Chitnge, mo nth to nlonth
1987:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
0.4
.4
.4
.3
.3
.4
.3
.3
.3
.2
0.2
.4
.5
.5
-.1
.1
.5
.2
.1
.4
0.3
.4
.3
.2
.5
.3
.3
.3
1988: Jan
Feb
Mar
1
2
.2
.3
.2
.3
0.5
.4
.3
.2
.3
.6
.2
.5
.2
.6
0.5
.2
.2
.3
.8
.3
-.1
.4
.3
.3
.6
.5
.5
.3
.S
.2
.5
.4
-.1
1.6
1.3
.4
-.5
-.8
.4
.9
1.3
.4
-.8
0.6
.6
.2
.5
.6
.8
.1
.4
.5
-.3
0.3
.5
.2
.3
.3
.2
.2
.3
.2
0
-.1
.5
-.2
.1
-.3
2.0
— .1
g
-.2
.1
.3
.3
0
.1
.2
.4
.1
.5
-.3
.2
.5
0.5
.5
.4
.2
.1
.7
.4
.8
.2
.6
1.1
.5
1.1
.4
.5
.2
q
— .3
Includes items not shown separately.
Household fuels—gaa (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
3
2.1
1.0
.1
1.1
1.2
3.3
-.7
-.2
0
-1.7
-1.5
-1.9
.4
3.9
6.3
5.1
5.1
4.3
3.6
3.9
3.9
4.3
3.5
3.2
4.4
5.0
5.1
5.3
4.4
4.5
4.1
3.9
3.7
3.6
3.0
3.8
3.9
3.7
3.9
4.3
4.4
4.5
4.5
4.4
3.2
3.2
2.8
4.2
3.7
3.2
3.7
4.0
3.9
3.9
5.2
5.1
3.6
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in April were unchanged from their March level. Prices paid by farmers in April were
1.8 percent above their January level.
INDEX, 1977 = 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
PRICES PAID
\
160
160
140
140
120
120
100
100
80
80
HIM
60
RATI
140
111
111 n
inn
60
yy
-
TOO
RA TIO-^
140
- 120
I^y.
1
"
RATIO
\
"V
^
80
Illllllllll
1980
.
n
~ v_,-—
-^
'
1
- 100
""1
-- .^-
80
^.
1 1 1 11 Illllllllll I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l Illllllllll
19 81
1982
1983
1987
1986
1988
1984
1985 !
urn
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977^100]
I'rices paid by farmei s
Pri ces received by farm ers
Period
1980
1981
1982
1983
1984
:
1985
1986
1987
1987: Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1988: Jan
Peb
Mar
Apr
1
All farm
products
Livestock and
products
134
139
133
135
142
128
123
127
125
128
130
129
127
129
127
132
127
131
130
130
130
125
134
121
128
138
120
107
106
101
108
110
108
103
104
106
120
113
115
109
110
111
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
144
143
145
141
146
136
138
146
147
148
150
149
151
152
147
143
141
147
149
148
148
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
138
150
159
161
165
163
159
162
162
(3)
(3)
164
(3)
(3)
165
139
151
159
159
162
157
150
152
152
(3)
(3)
154
(3)
(3)
155
(3)
(3)
155
(3)
(3)
158
(3)
(3)
165
(3)
(3)
168
Production
items
138
148
153
152
155
151
144
147
147
(3)
(3)
148
(3)
(3)
150
(3)
(3>
152
(3)
(3)
155
Ratio 2
97
92
84
84
86
79
77
78
77
79
80
79
77
79
77
80
77
79
79
79
77
NoTB.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977= 100 base to facilitate comparison with, other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml accelerated in March; growth in M2 was little changed; and growth in M3 slowed.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
• =——-=l
3,600
r __
M3
3,200
__--
_ - __— — 1
-~~
3,600
3,200
-
_——
•
""
_
_^^-
2 400
-^
----"""
2,000
2,000
M2
^
. — —""""
1,600
^
?,200
1,200
800
700
—
700
—
500
—•• —"^
600
500 -'—
__
300
•"""^
nr
imiliim iiuilnni M i i i l n i n
II, nil!..!
nuiliini
1981
1983
!984
1980
1982
uinlinii iiiiihiin innluin
IIMllllll!
1985
1987
1986
AVERAGES OF DAILY FIGURES; SEASONAL Y ADJUSTED
300
1988
COUNCIL OF ECONOMIC ADVISER
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
L
Debt
Debt of
domestic
nonfinaneial
sectors
(monthly
average) *
Perc< nt change from yeair or 6
months earlier z
Ml
M2
M3
Debt
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
412.2
439.1
476.4
522.1
551.9
620.1
725.4
750.8
1,633.1
1,795.5
1,954.0
2,185.2
2,363.6
2,562.6
2,807.8
2,901.0
1,990.8
2,236.5
2,443.2
2,693.2
2,978.3
3,196.0
3,491.5
3,660.8
2,327.6
2,599.0
2,852.9
3,154.4
3,519.4
3,825.4
r
4,135.0
4,325.4
3,880.9
4,262.1
4,645.5
5,181.7
5,932.6
6,749.4
7,607.1
8,318.8
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.5
8.9
9.9
8.8
11.8
8.2
8.4
9.6
3.3
10.2
12.3
9.2
10.2
10.6
7.3
9.2
4.8
9.6
9.8
9.0
11.5
14.5
13.8
12.7
9.4
1987:
Mar
Apr
May
June '
July'.
Aug r
Sept *
Ocf
Nov r
Dec r
734.2
744.7
746.5
742.1
743.6
746.5
747.5
756.2
752.7
750.8
2,834.3
2,847.4
2,849.1
2,851.7
2,858.1
2,869.5
2,880.9
2,894.6
2,896.5
2,901.0
3,532.9
3,549.8
3,564.6
3,581.8
3,588.5
3,605.5
3,620.5
3,642.0
3,656.5
3,660.8
r
4,174.2
4,189.6
4,217.9
4,234.0
4,236.0
4,257.8
4,283.5
4,312.5
4,324.2
4,325.4
7,764.6
7,827.4
7,894.2
7,953.9
7,997.6
8,051.2
8,114.4
8,180.2
8,259.0
8,318.8
14.1
14.8
11.7
4.7
3.4
4.2
3.7
3.1
1.7
2.4
6.7
6.0
4.8
3.2
2.2
2.9
3.3
3.3
3.4
11.1
11.0
10.5
9.3
8.5
8.8
9.2
9.2
9.5
3.5
6.1
6.0
5.9
5.2
4.1
4.6
5.0
5.3
5.2
4.5
1988:
Jan r
Feb r
Mar"
758.9
759.6
763.2
2,925.0
2,946.3
2,968.0
3,686.0
3,717.5
3,740.1
4,363.5
4,398.4
8,379.2
8,457.6
4.2
3.5
4.2
4.7
5.4
6.1
5.5
6.3
6.7
9.8
10.4
1
Consists of outstanding credit market debt of the U.S. Government, State and local governmeats, and private nonfinaneial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
26
Nors.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
9.4
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Demand
deposits
Cur-
Period
rency
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
Money market
mutua fund
balaiices
General
purpose
and
broker/
dealer
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1987: Dec
1987:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan '
Feb r
Mar. "
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 1
Large
denomination
tune
deposits 1
NSA
Term
repurchase
agreements
Term
Eurodollars
(net)
NSA
NSA
(RPs)
Commercial
paper
84.9
90.8
72.3 133.5
67.8 149.4
68.0
183.5
71.1 211.9
74.2 260.9
79.3 301.2
91.6 ' 284.2
100.2 * 259.8
32.1
40.0
44.5
45.1
45.7
42.5
37.8
45.7
98.8
105.3
113.6
133.1
160.3
206.5
229.9
258.9
94.2 r 267.7
95.1
257.6
95.9 261.6
96.6 ' 259.6
97.5 r 254.8
98.1 * 258.9
98.4 r 263.7
98.8 r273.0
99.3 270.9
100.2
259.8
39.6
40.9
42.1
43.1
43.4
43.5
44.3
44.5
45.0
45.7
239.9
246.3
253.7
252.8
251.8
251.8
256.6
254.2
252.5
258.9
43.5
40.9
269.0
274.1
115.3
122.5
132.6
146.3
156.1
167.7
180.4
196.5
261.4
231.4
234.1
238.6
244.1
267.2
303.3
288.0
31.4
80.9
105.4
132.3
146.4
179.2
235.2
259.3
28.3
35.9
38.8
53.8
56.3
70.2
78.4
77.9
61.6
150.6
185.2
138.2
167.5
176.5
208.0
r
221.1
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
0.0
.0
43.2
379.2
416.8
513.6
572.5
525.2
400.2
343.9
356.8
305.5
285.4
301.4
370.7
414.3
728.4
822.9
850.5
783.6
883.3
879.5
853.2
913.1
260.0
302.5
326.7
327.1
416.9
436.4
439.2
484.7
36.0
34.5
51.8
61.9
65.6
84.0
105.4
184.4
185.6
187.0
187.8
189.0
190.2
191.4
193.1
195.0
196.5
295.0
299.3
298.9
293.3
292.3
292.1
290.5
295.9
291.3
288.0
248.0
253.1
253.9
254.3
255.6
257.2
258.6
260.3
259.5
259.3
76.9
77.0
76.2
74.9
75.6
79.7
83.4
85.9
79.6
77.9
212.5
212.1
209.9
210.6
210.6
213.1
216.3
r
218.2
r
219.7
r
221.1
85.4
83.5
82.1
81.7
83.8
84.0
81.3
82.5
89.5
89.6
571.8
566.8
558.6
555.1
549.4
545.0
540.5
533.9
527.7
525.2
396.3
404.1
409.5
413.1
415.5
417.8
418.6
417.0
415.0
414.3
847.0
845.1
845.9
852.1
859.1
865.9
872.1
883.3
901.7
913.1
445.6
448.9
454.0
458.6
460.2
462.4
465.3
472.3
480.5
484.7
87.2
94.4
102.5
107.4
107.0
107.5
109.2
106.2
108.7
105.4
88.7
83.9
87.0
r
89.5
r
85.3
r
90.2
r
94.4
r
92.9
r
92.8
r
90.8
198.4 289.9
199.3 287.8
200.9 287.9
263.4
265.1
267.0
82.7
78.1
74.9
225.0
231.1
235.0
94.4
98.7
97.4
524.0
522.6
524.7
414.3
416.2
924.6
941.6
953.8
482.8
489.7
491.5
105.5
108.8
105.7
85.1
84.0
86.9
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
419.8
Shortterm
Treasury
securities
Bankers'
acceptances
50.3
67.5
81.7
91.5
82.9
76.1
34.0
r
Sou
oaV-
ings
on
101.4
102.6
263.5
263.4
here
Source: Board of Governors of the Federal Reserve System.
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandir g1
Ins tallment credit outstanding (end of perio d)
Period
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1987:
Dec
Dec
Dec r
Dec *
Dec '
Dec r
Decr
Decr
Dec T
Decr
Feb r
Mar r
Apr r
May '.
June r
July'
Aug r
Sept '
Ocf
Nov r
Dec r
1988: Jan r
Feb"
261,976
296,483
297,566
310,682
323,536
367,869
442,538
517,754
571,833
613,021
573,612
575,452
580,072
581,233
587,878
593,512
598,190
602,978
606,927
608,726
613,021
619,259
624,563
Automobile
Revolving
98,739
112,475
111,936
118,956
124,218
143,799
173,704
209,636
246,109
267,180
248,318
249,498
251,211
251,741
254,212
256,585
259,558
261,902
263,823
264,474
267,180
269,883
273,195
45,202
53,357
54,894
60,838
66,243
78,667
100,212
122,013
136,381
159,307
137,238
137,761
140,339
141,876
144,777
147,809
149,815
152,553
155,196
156,425
159,307
162,065
163,551
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
16,921
18,207
18,621
20,302
22,833
23,704
25,795
26,834
26,883
25,957
26,933
26,811
26,825
26,639
26,810
26,966
26,879
26,845
26,698
26,604
25,957
25,926
25,869
Other
101,114
112,444
112,115
110,586
110,242
121,698
142,827
159,272
162,460
160,578
161,123
161,383
161,697
160,978
162,079
162,153
161,938
161,677
161,209
161,225
160,578
161,384
161,948
Total
40,501
34,507
1,083
13,116
12,854
44,333
74,669
75,216
54,079
41,188
2,646
1,841
4,620
1,162
6,643
5,635
4,677
4,787
3,949
1,802
4,296
6,236
5,304
Automobile
17,791
13,736
-539
7,020
5,262
19,581
29,905
35,932
36,473
21,071
1,323
1,180
1,713
530
2,471
2,373
2,973
2,344
1,921
651
2,706
2,704
3,312
Revolving
8,513
8,155
1,537
5,944
5,405
12,424
21,545
21,801
14,368
22,926
1,646
523
2,579
1,537
2,900
3,032
2,006
2,738
2,643
1,229
2,882
2,758
1,486
Mobile
home
559
1,286
414
1,681
2,531
871
2,091
1,039
49
-926
-25
122
14
186
171
156
-87
-34
-147
-94
-646
-32
-57
Other
13,638
11,330
329
-1,529
344
11,456
21,129
16,445
3,188
-1,882
-298
260
314
-719
1,101
74
-215
-261
-468
16
-646
807
564
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans fell 0.3 percent in March.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
—
ALL COMMERCIAL BANKS
2,000
2,000
"TOTAL
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
OTHER SECURITIES
120
1980
1981
1983
1982
120
Illllllllll
ill Illllllllll
Illllllllll
1984
1988
1987
1986
1985
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depo sitory institutk ns 3
Al . commercial ban ks '
Period
Total loans
and
securities 2
R eserves adjust ed
for changes in
res erve requirements
Loans a nd leases
Total 2
Commercial
and industrial
loans
U.S.
Government
securities
Borr d wings
(millions of dollars,
unac justed)
securities
Total
borrowed
Required
Total
Seasonal
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
1,239.1
1,307.5
1,401.3
1,553.4
1,722.9
1,908.6
2,089.9
2,230.6
913.9
967.3
1,033.9
1,123.7
1,320.4
1,456.9
1,584.5
1,701.4
325.7
355.4
392.6
414.1
472.8
499.4
535.6
565.5
170.6
179.3
201.7
259.1
260.0
270.5
309.3
333.2
154.7
160.9
165.7
170.6
142.6
181.2
196.1
196.0
30.81
32.08
34.32
36.11
36.91
46.06
56.17
57.44
29.12
31.44
30.29
1,690
31.76
33.69
35.33
36.72
44.74
55.34
56.66
33.82
35.55
39.06
45.00
54.80
56.41
636
634
774
3,186
1,318
827
777
116
54
33
96
113
56
38
93
1987:
Mar
Apr
May
June
July
Aag
Sept
Oct
Nov
Dec
2,130.7
2,152.0
2,166.0
2,176.7
2,181.3
2,199.0
2,214.7
2,227.6
2,232.1
2,230.6
1,622.3
1,639.6
1,649.3
1,659.6
1,664.1
1,676.8
1,689.8
1,701.7
1,704.8
1,701.4
546.2
549.1
551.9
554.4
553.6
554.0
559.0
562.8
563.1
565.5
315.4
318.1
321.3
321.3
322.9
328.5
331.3
331.7
331.1
333.2
193.1
194.4
195.5
195.9
194.3
193.7
193.7
194.2
196.2
196.0
56.85
57.95
58.35
57.71
57.60
57.88
57.83
58.50
57.99
57.44
56.33
56.96
57.32
56.93
56.93
57.23
56.89
57.55
57.36
56.66
55.94
57.13
57.27
56.52
56.84
56.84
57.03
57.37
57.06
56.41
527
993
1,035
776
672
647
940
943
625
777
91
120
196
259
283
279
231
189
126
93
2,242.0
2,257.6
2,273.1
1,713.9
1,727.9
1,736.8
568.5
569.9
568.1
334.1
334.0
338.9
194.0
195.7
197.4
58.32
58.44
58.63
57.23
58.04
56.88
57.02
57.31
57.70
1,082
396
1,752
59
75
119
1988: Jan
Feb
Mar"
r
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
2
3
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal
C edit market funds
1
Total
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987 "
1986: n
m
IV
1987: I
n
m
IV ".
352.6
345.9
383.3
327.5
432.3
518.5
492.3
491.3
495.1
197.6
200.1
239.5
242.3
285.7
336.3
355.4
351.5
347.0
155.1
145.8
143.9
85.1
146.6
182.2
136.9
139.9
148.0
499.9
442.0
597.1
350.9
352.2
342.2
149.0
89.8
439.4
496.2
488.3
556.4
343.2
340.8
350.9
353.2
96.2
155.4
137.4
254.9
203.2
Loans and
short-term
paper
Securities
and
mortgages
Total
Other 2
94.5
80.4
88.6
121.6
85.2
109.5
96.1
21.0
53.1
22.8
44.0
57.3
-7.5
15.3
33.3
49.9
66.9
39.5
71.7
36.4
31.3
129.0
69.9
76.1
46.2
67.3
53.2
49.3
4.7
58.0
60.7
51.7
30.4
52.0
117.6
64.1
201.9
52.2
31.8
-12.2
65.3
32.4
214.1
30.9
117.7
82.0
153.7
92.3
22.3
58.1
26.7
61.4
95.3
23.9
127.1
87.8
92.7
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abro d
*, , ,
. .
, „„
* Consists of tax liabilities, trade debt, and direct foreign investment m the u.o.
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
368.6
303.5
399.8
488.0
442.4
439.8
453.4
238.3
243.7
286.5
256.5
274.7
370.9
342.8
339.2
362.3
108.4
82.0
47.0
125.1
117.1
99.7
100.6
91.1
-17.9
-6.2
14.8
24.0
32.5
30.5
49.9
51.5
41.7
31.4
25.7
53.0
426.5
399.4
546.8
340.1
322.5
330.7
85.8
76.9
216.1
73.4
42.6
50.3
65.3
37.7
55.3
49.4
398.7
439.8
455.3
354.6
346.0
350.5
398.0
44.1
93.9
104.8
121.7
40.7
56.4
33.0
36.7
370.6
352.1
519.7
132.3
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
C urrent liabiliti 3S
Curren assets
End of period
Total
Cash
Governsecurities
Notes and
accounts
receivable
Invento-
Other
current
assets
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
ratio l
QFE-FKB series: 2
1978
1979
1980
1981
1982
1983
1984
1985
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,784.6
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
17.2
16.7
18.7
17.7
23.0
31.0
36.2
33.0
388.0
459.0
507.5
532.5
1983: IV
1,575.9
171.8
1,093.1
1,126.3
1,155.0
1,163.6
601.9
623.4
642.2
647.8
491.2
636.9
537.1
531.2
541.5
548.6
1.467
1.466
1.455
1.447
1.469
35.7
650.3
IV
167.5
167.1
176.3
189.2
35.4
32.6
33.0
654.1
661.0
671.5
665.7
666.7
675.0
666.0
224.9
1,174.1
1,182.9
1,211.9
1,233.6
1986: I"
1,795.7
195.3
31.0
663.4
679.6
226.3
1,222.3
1
Total current assets divided by total current liabilities,
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Oorpo'ians. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
1.482
1.465
1.460
1.464
187.9
192.9
193.2
1,722.7
1,734.6
1,763.0
1,784.6
2
1.487
622.2
632.5
659.3
656.9
639.1
633.1
I
516.3
526.5
523.7
530.8
539.5
463.9
1,619.5
1,650.0
1,685.9
1,703.0
n
m
551.0
595.7
606.4
622.6
1985:
539.5
550.9
1,059.6
35.4
37.2
33.0
36.2
n
m
rv
515.8
186.7
167.6
164.9
161.3
173.6
I
451.1
516.3
603.4
583.0
1984:
435.3
463.9
203.2
224.9
31.0
583.0
424.1
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
383.0
460.8
514.4
547.1
550.7
595.7
647.8
682.7
633.1
671.5
517.4
374.3
407.5
437.8
448.3
286.5
346.5
376.2
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,233.6
101.1
116.0
431.8
505.1
543.0
584.0
579.0
603.4
656.9
666.0
132.1
149.7
169.8
186.1
203.2
203.5
211.2
218.2
651.7
502.9
512.9
515.8
670.4
682.7
550.9
551.7
551.1
551.0
668.4
553.9
573.4
the Department of Commerce, Bureau of the Census froift the Federal Trade Comroissraa.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in April.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
U.S. T reasury security yields
Period
3-month bills
(new issues) '
Constant nlaturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
14.44
12.92
10.45
11.89
9.64
7.06
7.68
13.91
13.00
11.10
12.44
10.62
7.68
8.39
11.23
11.57
9.47
10.15
5.76
5.75
5.69
5.78
6.00
6.32
6.40
5.81
5.80
7.32
8.02
7.82
7.74
8.03
8.67
8.75
7.99
8.13
1988: Jan
Feb
Mar r
Apr
5.90
5.69
5.69
5.92
Week ended:
1988: Apr 2
9
16
23
30
May 7
5.69
5.98
5.98
5.78
5.92
6.13
14.029
10.686
8.63
9.58
7.48
5.98
5.82
1981
1982
1983
1984
1985
1986
1987
1987:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1
Bank-discount
a
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged by
banks 5
New-home
mortgage
yields
(FHLBB)6
14.70
15.14
8.50
8,80
7.69
6.33
5.66
18.87
14.86
10.79
12.04
9.93
8.33
8.22
6.50
7.04
7.00
6.72
6.81
7.55
7.96
7.17
7.49
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
7.75-7.75
8.00-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.75
8.75-9.00
9.00-8.75
8.75-8.75
9.21
9.37
9.45
9.41
9.38
9.37
9.25
9.30
9.15
9.88
9.40
9.39
9.67
6.92
6.58
6.64
6.92
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.50
9.53
9.61
9.61
9.73
9.73
6.70
6.83
6.86
6.99
7.01
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-
9.18
7.38
7.73
14.17
13.79
12.04
12.71
11.37
9.02
9.38
11.89
8.89
10.16
8.01
6.39
6.85
8.02
8.61
8.40
8.45
8.76
9.42
9.52
8.86
8.99
7.62
8.10
7.89
7.83
7.90
8.36
8.84
8.09
8.07
8.85
9.33
9.32
9.42
9.67
10.18
10.52
10.01
10.11
7.87
7.38
7.50
7.83
8.67
8.21
8.37
8.72
7.81
7.55
7.80
7.91
7.66
7.78
7.75
7.88
7.92
8.57
8.62
8.63
8.81
8.82
7.96
7.92
7.93
7.93
7.87
basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
30
Corporate
Aaa bonds
(Moody's) *
14.76
13.41
11.02
12.57
12.38
11.55
10.17
9.31
9.10
9.12
9.14
r
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate {in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in April.
INDEX, DEC. 31, 1965
INDEX , DEC. 31, 196- > = 50 (RATIOS CALE)
= 50 (RATIOS CALE)
240
220
200
180
240
2201
2001
—/v
180
>s~~^
160|
\
COMPO SITE STOCK PR CE INDEX
(NYSE)
\
'f~^~^~^
s—~~\
120|
100
80'
/"lK~
mill inn
40
140
/
120
100
80
—
^J
A /
60'|
/
\\^s—
^
160
\^ /~
-j
-~ - —,
140
60
1 1 1 1 1 1 I 1 1 11 Illllllllll
',1980
ii ii 1 1 1 mi
1982
1981
nil i Ii mi
Illllllllll Illllllllll Illllllllll
1983
1985 |
1984
1 1986
Illllllllll
1 1987
40
1988
PERC ENT
PERC ENT
20
20
15
^^
10|
EAR NINGS-PRICE R ATIO ON COWWON STOCKS
(S&P1
s-^~~^1—
.——^
r^—"
\
10
,
^-—
^
5
1
0
1 1
1
1
1981
1980
1
15
\
1
1
1982
1
1
1
1
1983
1
1
1
1984
1
1 1
;1985
:
r—'—~~
i i i
r—
i i ^~
i
1986
SOURCES: NEW YORK STOCK EXCHANGE A vID STANDARD & POO R'S CORPORATION
1987
1981
1982
1983
1984
1985
1986
1987
1987: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar r
Apr
Week ended:
1988: Apr 2
9
16
23
30
1
Industrial
74.02
85.44
68.93
92.63
92.46
108.09
136.00
161.70
140.55
145.13
149.88
148.46
78.18
107.45
108.01
123.79
155.85
195.31
199.03
198.78
206.61
214.12
226.49
219.52
189.86
163.42
162.19
168.47
173.44
181.57
180.88
146.54
148.71
150.60
146.07
148.46
177.70
180.77
183.65
177.95
181.16
163.88
163.00
169.58
174.28
184.18
178.39
157.13
137.21
134.88
Transportation
Utility
3
Finance
0
1988
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
89.28
114.21
147.20
146.48
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
128.05
119.71
160.41
160.46
186.84
236.34
268.83
72.74
71.64
74.25
74.18
78.20
76.13
73.27
69.86
67.39
150.52
145.97
152.73
152.25
160.94
154.08
137.35
118.30
111.47
2,302.64
2,291.11
2,384.02
2,481.72
2,655.01
2,570.80
2,224.59
1,931.86
1,910.07
289.32
289.12
301.38
310.09
329.36
318.66
280.16
245.01
240.96
121.20
126.09
135.15
133.43
70.01
72.89
71.16
69.40
119.40
124.36
125.27
121.67
1,947.35
1,980.65
2,044.31
2,036.13
250.48
258.13
265.74
262.61
5.20
5.81
4.40
4.64
4.25
3.49
3.08
2.99
3.02
2.92
2.83
2.69
2.78
3.25
3.66
3.71
3.66
3.56
3.48
3.57
133.75
135.20
134.97
131.08
132.49
69.40
70.08
70.19
68.23
69.11
121.63
122.23
123.29
119.97
121.21
1,986.07
2,038.43
2,066.55
1,999.10
2,040.45
258.77
263.14
266.52
257.96
262.83
3.60
3.51
3.46
3.70
3.61
72.61
60.41
89.36
85.63
104.11
119.87
140.39
38.91
39.75
47.00
46.44
56.75
71.36
74.30
137.91
141.30
150.39
157.48
164.02
158.58
140.95
117.57
115.85
Average of daily closing prices.
Includes all the'stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
1
Common st ock yields
(perce nt) 5
Nevi York Stock Ex< hange indexes (E ec. 31, 1965-5O ) 2
Composite
1
COUNCIL OF ECONOMIC ADVISERS
Co Timon stock price s 1
Period
5
1
73.52
71.99
95.34
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.49
4.75
4.93
7.08
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange {NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 6 months of fiscal 1988, there was a deficit of $118.9 billion compared with a deficit of $123.2 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS^
1,100
1,100
1,000
1,000
OUTLAYS!/
900
900
800
800
700
700
RECEIPTS!/
600
600
500
500
-100
-100
-200
-200
'U
1980
1982
1981
1983
1984
1985
1986
1987
1989
1988
FISCAL YEARS
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
1976
Transition quarter
1977
1978
1979
298.1
81.2
355.6
399.6
463.3
371.8
96.0
409.2
458.7
503.5
-73.7
-14.7
53.6
-59.2
-40.2
231.7
63.2
278.7
314.2
365.3
302.2
76.6
328.5
369.1
403.5
-70.5
-13.3
-49.7
-54.9
-38.2
1980
1981
1982
1983
1984
517.1
599.3
73.8
-78.9
-127.9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
1985
1986
1987
1988 (estimates)
1989 (estimates)
734.1
769.1
854.1
909.2
964.7
946.3
990.3
1,004.6
1,055.9
1,094.2
-212.3
-221.2
150.4
-146.7
-129.5
547.9
568.9
640.7
669.3
706.2
Cumulative total, first 6
months: *
Fiscal year 1987
Fiscal year 1988
383.8
412.0
507.9
530.9
-123.2
-118.9
282.1
299.7
1
From Monthly Treasury Statement for March 1988. Data for outlays and debt are not strictly
comparable with estimates in the Budget for fiscal year 1989.
NOTE.—Data from Budget of the United States Government, Fiscal Year 1989, February 1988,
32
Gross Fe ieral debt
(end of period)
Off-budget
On-budget
Total
Fiscal year or period
Receipts
66.4
Outlays
Surplus
or deficit
(-)
631.9
646.4
709.1
780.4
833.8
480.3
498.3
551.8
610.9
644.6
-5.0
-7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
176.8
183.5
193.8
203.1
213.3
9.4
16.7
19.6
36.8
45.1
1,827.5
2,130.0
2,355.3
2,581.6
2,825.3
1,509.9
1,746.1
1,897.8
2,025.1
2,152.1
95.4
99.8
6.3
12.4
2,250.7
2,493.2
1,842.2
2,001.8
76.8
85.4
98.0
69.6
39.4
80.7
89.7
100.0
-3.2
-3.4
3.9
-4.3
2.0
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
-73.9
-120.0
-208.0
-185.6
769.5
806.8
810.8
852.8
880.9
-221.6
-237.9
-170.0
-183.5
-174.7
186.2
200.2
213.4
239.9
258.5
411.6
431.1
-129.5
-131.3
101.7
112.3
iao
Held by
the public
except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1988, receipts were $28.2 billion higher than a year earlier and outlays were $23.9
billion higher.
BILLIO NS OF DOLLARS
400
BILLIONS OF DO LLARS
RECEIPTS-/
INDIVIDUAL INCOME TAXES
—
400
,
/___ —••— ~
300
'
200
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
OTHER RECEIPTS
100
I
0
|
~j
100
j
*s CORPORATION INCOME TAXES I
]
|
"~
OUTLAYS V
800
o
800
NONDFFFNSF
700
"
700
__---•""""""
-•""'
400
NATIONAL DEFENSE
300
300
200
200
^
1
1
100 A
V
1980
1981
—
1
1982
1
1983
1
1984
1
1985
1
1986
1
1987
1
N
100
1989 ^
1988
FISCAL YEARS
J INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
0n-budget a nd off-biu ^et receip ts
Fiscal year
Total
Individual
Corporation
On-budg et and off budget ou tlays
Nations 1 defense
Social
insurance
Other
Depart-
Total
1980
1981
1982
1983
1984
Cumulative total, first 6 months: '
Fiscal year 1987
Fiscal year 1988
412.0
383.8
209.9
227.4
204.4
220.9
946.3
990.3
1,004.6
1,055.9
1,094.2
252.7
273.4
282.0
285.4
294.0
245.1
354.6
73.0
73.1
74.3
78.7
80.1
265.5
274.0
277.3
285.5
140.2
151.6
35.8
38.2
507.0
530.9
138.8
146.4
134.7
142.3
265.2
283.9
303.3
412.4
61.3
63.1
83.9
105.6
117.7
172.3
183.5
35.5
38.6
285.9
297.7
288.9
298.4
909.2
964.7
851.8
590.9
678.2
745.7
808.3
244.1
1988 (estimates)
1989 (estimates)
130.9
153.8
180.7
50.6
69.5
69.3
65.6
71.8
517.1
599.3
734.1
769.1
854.1
134.0
157.5
185.3
157.8
182.7
201.5
54.9
60.0
65.7
1985
1986
1987
6.4
6.4
7.5
64.6
61.1
49.2
37.0
56.9
41.4
157.6
181.0
217.8
600.6
666.5
87.9
95.1
102.3
113.6
34.3
36.6
131.6
617.8
89.6
97.2
104.5
116.3
334.5
349.0
392.6
393.4
209.0
239,4
331.5
37.7
40.8
1
From Monthly Treasury Statement for March 1988. Data for outlays and debt are not strictly
comparable with estimates in the Budget for fiscal year 1989.
NOTE.—Data from Budget of the United States Government, Fiscal Year 1989, February 1988,
371.8
90.8
106.5
121.0
138.9
298.1
355.6
399.6
463.3
Health
Medi-
Income
Social
Net
inter-
Other
military
butions
1976
1977
1978
1979
International
409.2
458.7
503.5
22.8
26.5
60.8
61.0
61.5
66.4
73.9
85.1
93.9
104.1
42.6
93.0
114.7
119.6
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
65.8
70.2
75.1
78.9
84.0
128.2
119.8
123.3
129.6
135.6
188.6
198.8
13.3
33.5
35.9
40.0
44.5
47.8
233.8
129.4
136.0
138.6
147.9
151.8
131.8
142.1
126.7
140.1
133.9
6.7
4.7
19.0
21.5
37.2
39.0
63.9
64.8
101.2
106.8
69.9
76.5
70.3
71.2
15.7
17.3
15.8
19.3
7.5
18.5
20.5
12.7
13.1
12.3
11.8
15.9
16.2
14.2
11.6
9.9
207.4
219.7
26.7
29.9
35.4
82.8
except as noted.
Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1987, according to revised estimates, Federal receipts rose $14.6 billion (annual rate) and
Federal expenditures rose $39.0 billion, yielding a deficit of $160.2 billion. In the first quarter of 1988, according
to preliminary estimates, expenditures fell $5.9 billion; receipts data are incomplete.
e ILLIONS OF D(DLLARS
BILLIO MS OF DOLLARS
1,200
SEASON ALLY ADJUSTED ANN AL RATES
1,000
EXP
1,200
1,000
:NDITURES ,
—
±'-""
-*
__—— -^
800
^^
-"1
^,..600
/-^
—
800
-
^
t^~~
^
RECEIPTS
600
^^
400
400
200
200
0
^~
'
—\
?nn
1
1
1
1980
SUR >IUS OR DEFIC
^x
0
TH
__
v
1 1 1
^_
-
1 1 1
1981
1
1
1
I
1983
1982
1
1
1984
-N
i i i
^— ^
1
1985
1
1
1986
i
i i
1987
-200
1
1
1
1988
:ALENDAR YEARS
COUNCIl Of ECONOMIC ADVIStK s
SOURCE: DEPARTMEN T OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal G overnment expenditure s
Federal Governme at receipts
or deficit
Subsidies
Period
Fiscal year:
1984
1985
1986
1987
Calendar year:
1984
1985
1986
1987
1982: TV
1983: IV
1984: IV
1985: HI
IV
1986: I
n
m
IV
1987: I
n
m
IV
Personal
Total
711.9
776.4
814.2
905.6
726.0
788.6
827.4
r
915.7
633.1
675.5
742.7
794.9
805.1
807.6
816.9
832.4
852.5
879.3
922.9
923.0
r
937.6
1988: I"
tax and
nontax
receipts
Corporate
profits
tax
accruals
302.5
340.6
358.0
401.9
75.3
74.3
80.3
104.0
310.3
346.6
363.0
403.7
303.0
291.9
326.0
351.0
356.7
352.8
357.6
365.2
376.4
381.5
415.6
404.3
413.5
406.5
75.2
76.1
83.7
109.4
46.4
70.2
69.7
79.1
77.8
78.7
81.3
84.3
90.5
103.0
107.9
114.5
r
112.3
r
Source: Department of Commerce, Bureau of Economic Analysis.
34
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Pur-
Total
chases
of goods
Transfer
in-aid to
State
pay-
and
and
ments
services
local
govern-
interest
paid
current
surplus of
Government
enter-
Net
Wage
accruals
less
disbursements
279.2
305.6
324.1
345.6
873.0
961.0
1,027.8
1,055.1
297.2
340.4
368.4
374.9
352.2
374.0
394.8
410.1
90.7
97.8
107.4
103.1
109.7
128.0
134.3
139.6
23.3
20.7
22.9
27.5
0.1
56.0
51.7
54.1
55.7
55.2
50.9
54.1
47.6
53.6
56.2
53.1
53.7
50.4
49.9
52.1
51.1
53.3
54.2
53.9
54.9
56.3
284.7
310.6
329.8
348.4
236.1
259.8
290.7 .
311.7
316.9
325.8
328.1
330.7
334.5
341.5
345.2
350.3
356.8
382.4
895.6
984.6
1,032.0
1,067.1
835.7
844.7
930.2
990.8
1,020.2
,003.7
,047.1
,036.1
,041.2
,049.8
,062.1
,058.8
,097.8
1,091.9
310.5
354.9
380.1
399.9
413.5
347.4
352.5
362.1
383.7
385.8
389.9
398.3
405.9
405.7
406.7
412.0
413.4
421.8
431.7
93.6
99.7
106.9
103.4
84.5
86.0
96.3
100.2
103.7
105.4
109.6
109.5
102.8
102.2
106.0
103.5
102.0
105.7
115.6
21.2
20.5
23.3
28.0
23.4
29.1
21.0
15.3
19.7
16.8
34.9
15.3
26.3
34.3
24.8
17.2
35.8
25.1
.2
2
54.9
353.9
366.2
379.4
293.2
276.1
326.0
361.9
378.0
356.7
368.4
371.2
368.6
366.9
379.6
382.1
388.9
376.8
130.2
135.7
142.8
87.2
101.0
125.3
129.7
133.0
134.9
135.9
134.2
137.8
139.5
139.8
142.9
148.9
152.6
^
.0
.1
.0
.0
.0
.0
.6
.0
.0
.0
.0
.0
.0
.0
.0
.3
3
.0
national
income
and
product
accounts
-161.0
-184.5
-213.6
-149.5
- 169.6
-196.0
-204.7
r
- 151.4
-202.6
-169.2
-187.5
- 195.8
-215.0
-196.1
-230.2
-203.7
-188.7
-170.5
-139.2
-135.8
r
- 160.2
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial reduction (1977 = 1 0; seasonal] ' adjusted
Period
United
States
Canada
Japan
France
Germany
108.1
119.2
103.1
109.2
121.4
123.7
125.1
129.8
108.6
97.9
104.3
119.0
125.2
126.8
132.6
120.4
120.9
125.1
138.9
145.1
144.6
150.4
106
106
104
105
105
108.0
106.2
103.1
104.1
107.6
112.9
115.1
115.7
Dee'
127.4
127.4
128.2
129.1
130.6
131.2
131.0
132.5
133.2
133.9
129.9
129.9
130.8
132.1
131.8
134.2
135.0
r
135.8
136.7
137.2
147.4
145.4
143.7
149.3
151.0
149.3
153.9
157.0
156.6
159.6
Jan
Feb
Mar"
' 134.4
134.4
134.6
137.4
1980
108.6
111.0
1981
1982
1983
1984
1985
1986
1987 '
1987:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
1988:
1
106
106
Italy
99.8
96.4
98.2
101.7
103.1
107.9
109.5
r
113.0
114.4
112.6
108.5
105.8
109.2
r
Consumer )rices (19 S2-84=100
United
Kingdom
r
110.4
l!3.5
r
118.0
' 119.8
108
107
109
110
109
109
110
110
110
111
114.5
115.8
116.6
115.1
113.7
118.5
116.3
116.7
116.8
117.3
l!8.3
r
l!7.7
'112.8
r
l!7.2
' 122.3
120.8
116.1
' 114.5
114.8
115.3
111
117.8
126.3
' 114.9
111.9
r
r
Data relate to all urban consumers.
111.9
111.5
l!7.4
' 121.9
r
l!2.3
r
l!2.5
r
l!3.1
' 114.8
r
l!3.5
United
States '
Canada
United
Kingdom
Japan
France
Germany
96.5
99.6
103.9
107.6
109.6
113.6
85.6
94.9
100.4
104.8
108.9
113.4
118.4
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
72.2
81.9
91.7
100.3
108.0
114.3
117.2
121.1
86.7
92.2
97.1
100.3
102.7
104.9
104.6
105.0
87.7
100.8
111.5
121.0
128.5
134.4
78.5
87.9
95.4
99.8
104.8
111.2
114.9
119.7
112.1
112.7
113.1
113.5
113.8
114.4
115.0
115.3
115.4
115.4
116.8
117.3
118.0
118.3
119.2
119.3
119.3
119.7
120.2
120.3
104.3
105.2
105.4
105.2
104.7
104.8
105.7
105.7
105.2
105.1
120.0
120.6
120.9
121.1
121.4
121.7
121.7
122.0
122.2
122.2
104.7
104.9
105.0
105.2
105.2
105.1
104.9
105.0
105.0
105.2
132.6
132.9
133.4
133.9
134.3
134.6
135.6
136.8
137.2
137.4
118.2
119.6
119.7
119.7
119.6
120.0
120.3
120.9
121.5
121.4
115.7
116.0
116.5
120.5
121.0
121.6
104,8
104.6
122.4
122.7
105.4
105.6
105.7
138.1
138.5
139.1
121.4
121.9
122.3
82.4
90.9
76.1
Italy
63.2
ISA
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data not seasonally adjusted]
Merch mdise exp orts l
Period
Revised
statistical
month,
adjusted2
Revised
statistical
month
Statistical
month
Total
3
Food,
beverages,
and
tobacco
Crude
materials
and
fuels
Manufactured
goods
Ge leral imp orts 4 (sta tistical m ontb exc 3pt as nol ed)
Tot il 3
Revised
statistical
month
F a.s. valu e
23 3.7
216.4
21 2.3
205.6
20J.5
224.0 218.7 217.9
218.8 212.8 213.1
226.8 216.6 217.3
238.7
1981
1982
1983
1984
1985
1986
1987
1987:
Statistical
month
Food,
beverages,
and
tobacco
Crude
materials
and
fuels
Total c.i.f.
val ue)
Manufactured
goods
Revised
statistical
month
Statistical
month
Exports (f.a.s.) less
import. (customs
V Jue)
Revised
statistical
month,
adjusted2
Revised
statistical
month
Exports ( .a.s.) less
imports (c i.f. value)
Revised
statistical
month,
adjusted 2
Revised
statistical
month
Custo ms value
228.9
33.2
207.1
195.9
212.0
27.0
27.0
27.3
22.2
20.2
22.8
154.3
139.7
29.6 132.4
31.5 143.1
28.3 145.4
26.5 148.7
29.1 171.5
33.0
33.5
68.0
72.8
65.0
48.3
56.3
163.4
221.5
405.9
18.4
17.8
18.8
21.6
22.4
24.7
24.7
26 1.0
244.0
25 3.0
325.7
345.3
370.0
92.9 142.5
74.4 144.0
246.8
27 3.4
25 L9
26 3.9
346.4 341.2
352.5 361.6
383.0 387.1
424.1
-22.3
-27.5
-52.4
-101.7
-126.5
5
5
-27.3
-31.8
-57.6
-34.6
-38.4
-64.2
-39.7
-42.6
-69.3
-107.0 -122.4 -127.6
-132.5 -133.6 -139.7
— 149.4 -156.2 -166.3
-159.5 -171.2 -177.6
252.9
246.4
206.9
206,4
243.9
Oct
Nov
Dec
19.4
21.8
20.5
20.8
21.1
21.0
20.2
21.0
21.8
23.8
24.8
18.7
21.1
20.1
20.4
20.5
20.1
20.0
21.0
21.0
23.3
23.9
18.7
21.1
19.8
20.0
20.3
20.3
19.5
20.2
21.0
23.0
23.9
1.6
1.9
1.8
1.8
1.8
2.1
2.0
2.0
2.1
2.1
2.2
2.2
2.4
2.3
2.2
2.3
2.3
2.5
2.4
2.5
2.8
3.1
13.2
15.0
14.2
14.5
14.5
13.9
13.7
14.8
14.4
16.2
16.1
32.3
33.2
32.0
33.3
35.3
35.8
34.3
33.6
37.7
35.5
35.4
2.1
2.3
2.1
2.0
2.2
2.1
1.9
1.9
2.2
2.1
2.0
4.4
4.2
3.9
4.4
4.9
5.6
5.6
4.9
5.3
5.0
4.7
24.8
25.7
25.1
25.8
27.2
27.2
25.8
25.6
28.8
27.4
27.8
33.7
34.7
33.5
34.8
36.8
37.5
35.9
35.1
39.4
37.0
37.0
-12.9
-11.4
-11.5
-12.5
-14.1
-14.8
-14.1
-12.6
-16.0
-11.7
-10.6
-13.6
-12.1
-11.8
-12.9
-14.7
-15.8
-14.3
-12.6
-16.8
-12.1
-11.6
— 14.4
-12.9
-13.0
-14.0
-15.7
-16.5
-15.7
— 14.1
-17.6
-13.2
-12.2
-15.1
-13.6
-13.3
-14.4
-16.3
-17.4
-15.9
-14.1
-18.4
-13.7
-13.1
Jan
Feb
22.3
23.6
21.9
23.4
21.4
22.7
2.1
2.2
2.6
2.9
14.9
16.1
33.2
35.8
2.1
2.2
4.6
4.9
25.6
27.8
34.8
37.4
-10.9
-12.3
-11.3
-12.4
-12.4
-13.8
-12.9
-14.0
Feb
Mar
Apr
May
June
July
Aug
Sept
1988:
Merchandise tr ade balance
Merch andise in ports
Dome stic exports (statis ical
mon W
Total domestic and
foreign
366.1
1
Department of Defense Military Assistance Program grant-aid shipments are excluded through
1984 and for revised statistical month data for 1985-86; they are included for statistical month data
for 1985-86 and for 1987-88.
2
Adjusted to include undocumented exports to Canada.
3
Total includes commodities and transactions not classified according to kind. For exports data
beginning 1987, these include undocumented exports to Canada.
4
Total arrivals of imported goods other than intransit shipments.
282.1
312.6
139.3
-153.0
B
Revised statistical month exports less statistical month customs value imports.
NOTE.—Data ahown include trade of the U.S. Virgin Islands.
Statistical month and revised statistical month refer only to data for 1984-86. Data for 1987-88
are roughly equivalent to revised statistical month data.
For further information, see Bureau of the Census release FT900, April and August 1987.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1987, the current account deficit decreased to $39.0 billion and the merchandise trade
deficit fell to $40.2 billion.
BILL ONS OF DOLL>^RS*
BILLIONS OF DOLL ARS*
10
10
5
0
x-V
N.
«
yy v
S
~~*
*., =—J£ BALAr1 •ICE ON
.xAi«\
\
s
S~*"
^
~'-\ ^'
\
\
\
f
^>
0
v>~^x
CURRENT ACCOUNT
-5
5
/\
V
MERCHA MDISE TRADE
BA LANCE
-15
*A*\
\
—
'\\
-25
-15
v
BALA NCE ON GOODS
A ND SERVICES
\ \]A
\
—
\\
J
/
\\x\f-^i
^ '*
A
x
"""v^-';
V
-35
-45
-5
20
-25
\
N--A
~ x \ ]v—^\
^ '" —-~ ^^___
V
30
^-'^"X" ~'-~X//
"X /"
—
|
1 1 1
| |
1979
1
1980
! 1
1981
1
1 1
1982
i i i
1983
1 1 1
i i i
i i i
1984
1985
1986
-35
40
\7"
i i i
-45
1987
• SEASONALLY ADJUS TED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISER
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise l
Inv estment incom e 3
2
Net
Period
Exports
1980
1981
1982
1983
1984
224,269
237,085
211,198
201,820
219,900
1985
215,935
1986
224,361
1987 '
250,814
1984: I
53,614
54,590
55,691
IV
56,005
1985: I
55,064
54,040
53,367
IV
53,464
1986: I
53,878
56,928
56,534
TV
57,021
1987: I
56,769
59,875
65,110
IV".... 69,060
n
m
n
m
n
m
n
m
1
Excludes military.
2
Adjusted from Census
3
Imports
-249,749
-265,063
-247,642
-268,900
-332,422
-338,083
-368,700
-410,015
-79,415
-83,684
-84,144
-85,179
-79,946
-83,986
-84,573
-89,578
-88,856
-90,579
-93,649
-95,616
-95,689
-99,617
-105,475
-109,234
Net balance
Receipts
Payments
Net
-25,480
-27,978
-36,444
-67,080
-112,522
-122,148
-144,339
-159,201
-25,801
-29,094
-28,453
-29,174
-24,882
-29,946
72,506
86,411
83,549
77,251
85,910
88,299
88,209
99,772
22,831
21,052
21,515
20,512
18,530
21,931
24,174
23,665
24,076
22,013
21,333
20,787
24,963
22,464
22,689
— 42,120
-52,329
-54,883
30,386
34,082
28,666
24,875
18,491
25,398
20,844
14,484
7,396
3,856
3,537
3,703
2,171
5,261
8,119
9,847
6,425
4,587
5,339
4,492
5,513
1,589
294
7,088
-31,206
-36,114
-34,978
-33,651
-37,115
-38,595
-38,920
-39,742
-40,365
-40,174
29,657
-52,376
-67,419
-62,901
-67,365
-85,288
-15,435
-17,196
-17,978
- 16,809
-16,359
- 16,670
-16,055
-13,818
17,651
-17,426
-15,994
-16,295
- 19,450
-20,875
-22,395
-22,569
data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
travel and
transportation
receipts
-997
2,237
144
-1,183
-992
274
-243 -4,227
-1,942
-8,604
-3,339 -10,866
3,662
-9,903
-2,079 -11,626
-273 -1,874
-615
-2,039
-255
-2,310
-798 -2,381
242 -2,261
-782
-2,849
-794
-2,892
-1,519
-2,862
-1,298 -2,786
-1,054 -2,278
-815
-2,442
-495
-2,397
37 -3,198
29 -2,759
-735 -2,761
-1,335 -2,909
Other
services,
net 3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers 1
-7,593
7,793
9,466
7,460
9,278
14,344
9,320
278 -8,956
-9,480
9,908 -36,766
9,741
-94,835 -12,178
15,301
9,861 -101,093
11,368 - 125,694 - 15,658
13,467
11,208 -147,213
2,629
-17,923 -2,362
2,513 -25,379 -2,461
-3,112
2,436 -25,045
2,164
-26,486 -4,243
2,296
-22,918 -3,296
-3,517
2,458
-25,858
2,403 -24,370 -4,169
2,704 -27,944
-4,321
-3,021
2,618
-30,019
2,808
-29,588 -4,167
-4,334
2,784
-32,249
-4,138
3,156
-33,839
-3,075
2,808
-33,834
-3,064
2,609
-38,274
3,050 -40,517
-2,925
-4,404
2,741
-34,589
Balance
on current
account
1,873
6,884
-8,679
-46,246
-107,013
-116,393
-141,352
- 160,681
-20,285
-27,840
-28,157
-30,729
-26,214
-29,375
-28,539
-32,265
-33,040
-33,755
-36,583
-37,977
-36,909
-41,338
-43,442
-38,993
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $23.3 billion in the fourth quarter of
1987 compared with an increase of $20.1 billion in the third quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $32.3 billion in the fourth quarter compared to an increase of
$44.4 billion in the third quarter.
BILLIONS OF DOLLARS*
80
BILLIONS OF DOLLARS*
80
-
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
60
t\
t \
40
40
l\
I \
\/
I
20
20
CHANGE IN
U.S. ASSETS
ABROAD.NET
r\
v
-20
-20
t\
-40
-60
I
1979
1980
I
I
1981
-40
I 1
I
I
I I
1983
1982
I I
I
19.815
1984
I I
1986
-60
1987
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the J.S., net
[increas 3/capital inflowo (+)] 2
U.S. assets abroad, net
increase /capit jJ outflow (— ; 1
Period
Total
-86,118
-110,951
-121,153
-49,777
-22,291
-31,399
-95,982
-63,796
-3,602
n
-19,395
17,421
m
-16,712
IV
-1,745
1985: I
-1,551
n
-6,936
m
IV
-21,167
-13,770
1986: I
-25,529
n
-24,478
m
IV
-32,204
1987: I
15,351
-15,078
n
-27,172
m
IV"... -36,898
U.S.
Other U.S.
reserve
assets ' 2
ment
assets
1980
-8,155
1981
1982
1983
1984
1985
1986
1987"
1984: I
5,175
-4,965
1,196
-3,131
-3,858
312
9,151
-657
566
-799
-1,110
233
-356
-121
-3,148
115
16
280
132
1,956
3,419
32
3,743
U.S.
private
assets
-5,162 -72,802
-5,097 - 100,679
-6,131 -110,058
-5,006 -43,576
5,476 -13,685
-2,831 -24,711
- 1,920 -94,374
1,219 -74,166
-916
-2,029
- 1,340 - 17,490
19,608
-1,388
-717
-14,886
-782
730
-128
1,067
-6,380
-435
547 -17,473
-240 -13,415
-242 -25,303
-1,454 -23,304
15 -32,351
13,170
225
-18,320
-177
355 -27,559
816 -41,457
Total
58,112
83,032
93,746
84,869
102,467
129,872
213,386
202,585
22,120
41,862
2,392
36,094
16,423
25,202
35,020
53,227
36,322
49,042
69,591
58,431
26,754
49,564
67,389
58,878
1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Foreign
official
assets
15,497
4,960
3,593
5,845
2,987
-1,140
34,698
44,289
-2,953
-149
-963
7,052
-11,060
8,606
2,426
-1,111
2,576
15,568
15,551
1,003
13,953
10,070
363
19,904
Other
foreign
assets
42,615
78,072
90,154
79,023
99,481
131,012
178,689
158,297
25,073
42,011
3,355
29,042
27,484
16,596
32,594
54,338
33,746
33,475
54,040
57,428
12,802
39,494
67,026
38,974
Statistical ( iscrepancy
Allocations
of special
drawing
(SDKs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
24,982
19,942
36,085
11,154
26,837
17,920
23,947
21,892
1,767
5,373
8,344
11,347
11,535
5,724
455
205
10,488
10,241
-8,530
11,750
-5,197
6,852
3,226
17,013
Of which:
Seasonal
adjustment
discrepancy
1,417
-1,381
-3,851
3,809
1,725
-1,712
-3,781
3,766
2,294
-2,044
-4,153
3,904
2,659
-1,700
-4,833
3,577
assets, net *
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
r
48,511
45,798
34,975
34,547
34,306
34,934
35,493
36,088
38,295
43,186
44,919
46,595
48,087
r
48,511
48,824
45,140
45,070
45,798
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfmancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagriculrural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Oudays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
T
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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